The Turks and Caicos Islands has undertaken Pre-Assessment Training in preparation for its Mutual Evaluation Assessment by the Caribbean Financial Action Task Force (CFATF) in line with the Financial Action Task Force (FATF) procedures that requires each country’s money laundering and terrorist financing risks to be assessed. The mutual evaluations process is the mechanism used to conduct assessments.  The Pre-Assessment Training is a requirement in the mutual evaluation process.
The assessment of the effectiveness of the legislative and regulatory infrastructure of the Turks and Caicos Islands’ financial sector has started by the delivery of a Technical Compliance Questionnaire which was received July 20, 2017 and to which the TCI responded on October 17, 2017.  Another desk-based assessment whereby the TCI will have to provide to CFTAF Secretariat responses on the effectiveness of the anti-money laundering and combating of terrorism framework (AML/CFT) will have to be submitted.  This will be followed by a two-week On-site evaluation by a CFATF assessment team early next year which will be followed by the publication of the Mutual Evaluation Report.
Around fifty stakeholders and representatives from both the public and private sectors convened for a three-day workshop at the Sands Resort in Providenciales on 18-20th of October 2017.  The workshop facilitated provision of comprehensive information needed for the country to prepare for all the stages of the assessment process.
The training was divided into two sections with the first two days being geared towards the public sector and the last day for the private sector.
Announcing the completion of the Pre-Assessment Training, Chair of the lead agency, the Anti-money laundering Committee (AMLC), Attorney General Hon. Rhondalee Braithwaite Knowles OBE said: “National cooperation and coordination are the keys to a successful outcome. This is major step in the preparation process here in the Turks and Caicos Islands which provides stakeholders with the necessary understanding of the Mutual Evaluation process, particularly the On-site visit.  It will assist the country in being prepared to receive the Assessment Team and create awareness of the demands of the process.”
The Hon. Attorney General also expressed special thanks to CFATF Deputy Executive Director Mr. Carlos Acosta and Legal Advisor Mr. Rommel St. Hill who led the training sessions. The TCI is also very grateful to the Government of Canada that facilitated the CFATF’s attendance and conduct of this training.
For more information on the Mutual Evaluation Assessment process, please contact the TCI Attorney General’s Chamber.
Notes to Editor:
The FATF is an inter-governmental body established in 1989 currently comprising 36 members, with the participation of over 180 countries through a global network of FATF- style regional bodies. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating ML, TF and other related threats to the integrity of the international financial system.
The CFATF is the regional offshoot of the FATF, the premier inter-governmental organization that sets the standards for preventing money laundering and terrorist financing.  The CFATF plays a critical role in promoting regional compliance with the FATF Recommendations on anti-money laundering and combatting the financing of terrorism.  CFATF is responsible for monitoring and evaluating member states in an effort to achieve compliance.
The TCI’s last Mutual Evaluation Assessment was conducted in 2007 with the Mutual Evaluation Report being finalized for publication in 2008.
The AMLC is established under the Proceeds of Crime Ordinance and comprises the Attorney General as Chair, and includes the Commissioner of Police, the Director of Public Prosecutions, the Head of the Financial Services Commissioner and the Head of the Financial Intelligence Agency as members
Please refer to The FATF Recommendations