TCI completes National Risk Assessment on Money Laundering and Terrorist Financing

Turks and Caicos, June 28, 2017 – Providenciales – A team from the Financial Market Integrity Unit of the World Bank Group is in the Turks and Caicos Islands to assist in the completion of a National Risk Assessment on Money Laundering and Terrorist Financing. The risk assessment process itself is organized, led and undertaken by the national Anti-Money Laundering Committee using the World Bank Group’s self-assessment methodology. The Hon. Attorney General Rhondalee Braithwaite Knowles OBE chairs the Anti-Money Laundering Committee.

The assessment aims to identify the primary money laundering and terrorist financing (ML/TF) risks in the country through a comprehensive analysis that will facilitate the making of comprehensive action plans to allow for a consistent approach to decrease the levels of risks, and strengthen controls and supervisory oversight in each sector. This will help allocate resources for the fight against money laundering and terrorism financing more effectively and efficiently, while meeting international standards as established by e.g., the Financial Action Task Force (FATF).

The World Bank Group has assisted the Turks and Caicos Islands in understanding the underlying methodology and in the use of the tool. This way, the Turks and Caicos Islands will build the capacity to undertake future risk assessments with no or minimal external support. The self-assessment methodology supports collaboration between the different government agencies and private sector parties that are jointly responsible for the country’s anti-money laundering and counter terrorism financing efforts. The World Bank Group has supported over seventy (70) countries in performing their national risks assessments since 2010.

The Turks and Caicos Islands National Risk Assessment was launched during the first initial workshop which was held over the period October 21-23, 2014. This second and final workshop marks the end of the NRA project with around fifty stakeholders and representatives from both the public and private sectors from 26th and 27th June 2017 at the Blue Haven Resort Conference Room on Providenciales, Turks and Caicos Islands from 8am to 4:30pm daily with a half day closed policymakers’ workshop on 28th June 2017.

Attorney General Rhondalee Braithwaite Knowles said; “This exercise will provide an opportunity for the Turks and Caicos Islands to evaluate whether existing legislative and administrative arrangements are adequate and sufficient to address existing and emerging threats in line with international standards. The assessment will also assist the TCI, including financial sector stakeholders to apply a risk-based approach in their business practices. We have had the support of both public and private sector stakeholders and are very grateful for their collaboration.”

For more information on the National Risk Assessment, please contact Khalila Astwood, Principal Crown Counsel, International at the TCI Attorney General Chambers at or Paul Coleman Head of the Compliance Unit at the Turks and Caicos Financial Services Commission at:

Press Release: TCIG

Most Popular

To Top