FATF Status

The Turks and Caicos Islands is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Turks & Caicos was undertaken in 2023. According to that Evaluation, Turks & Caicos was deemed Compliant for 22 and Largely Compliant for 15 of the FATF 40 Recommendations. It remains Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

The economy of Turks and Caicos is predominantly driven by tourism, offshore finance, and fishing, with the US dollar serving as the primary currency. The territory's GDP is approximately $795 million, with significant contributions from the hospitality sector, although it faces challenges such as a negative trade balance and a heavy reliance on imports.

The investment climate in Turks and Caicos is favorable, particularly for sectors such as tourism and real estate, with the government offering incentives to attract foreign investors. Policies have been implemented to facilitate investment, including the provision of residency permits for significant investments in the islands. Despite challenges like a negative trade balance, ongoing infrastructure enhancements and tourism promotion continue to create opportunities for potential investors.