PREMIER ANNOUNCES LAUNCH OF TCI’S 2ND NATIONAL RISK ASSESSMENT

Providenciales, Turks and Caicos Islands, 23^rd July 2024 — In a decisive move to bolster our nation’s anti-money laundering/ counter-financing of terrorism (AML/CFT) system, and ensure the safety of our citizens, I am pleased to announce the launch of a comprehensive National Risk Assessment (NRA) being led by the Anti-Money Laundering Committee (AMLC), chaired by the Hon. Rhondalee Knowles, Attorney General. This initiative is a cornerstone of our government’s commitment to protecting our country from the threats posed by money laundering (ML), terrorism financing (TF) and the financing of weapons of mass destruction (PF).

The security and prosperity of our beautiful Turks and Caicos Islands is our utmost priorities. The NRA will serve as a critical tool in identifying and mitigating the risks associated with ML/TF/PF and related offences. The resultant action plan and strategic plan will lead to enhancing our resilience and ensuring compliance with international standards set by the Financial Action Task Force (FATF).

The NRA will involve a large number of public sector authorities and include consultations with key private sector stakeholders. By leveraging the expertise and insights of all relevant parties, we aim to develop a nuanced and effective strategy to allocate resources to effectively mitigate the risks.

We acknowledge that ML/TF/ PF risk is complex and evolving and demands a dynamic and proactive response. The findings of the NRA will be instrumental in shaping our policies, regulations, and operational measures going forward, bolstering our national security and reaffirming our commitment to upholding global standards in the fight against terrorism.

I wish to thank the AMLC and all the dedicated personnel that are undertaking this enormous task. I ask the respective statutory bodies, ministries and departments to prioritise this exercise and we seek to develop a comprehensive understanding of our risks and an appropriate risk-based response to the gaps or weaknesses identified. I affirm my government’s commitment to prioritizing the effective implementation of the FATF recommendations and look forward to receiving the finding of this risk assessment and seeing through the implementation of all recommended actions. Together, we can build a safer and more secure future for our nation and its people.

For further information, please contact the AML/CFT National Coordinator at the AMLC Secretariat at klucio@gov.tc   

Honourable Charles Washington Misick

Premier of Turks and Caicos Islands