Turks & Caicos Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Medium Concern
Corruption
Medium Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
High Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
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.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | NA |
| World Bank: Control of Corruption Percentile Rank | NA |
Economy
The economy of Turks and Caicos is predominantly driven by tourism, offshore finance, and fishing, with the US dollar serving as the main currency. In 2009, tourism contributed approximately 34.67% to the GDP, while financial services and construction accounted for 13.12% and 7.83%, respectively. Despite its economic potential, the islands face challenges such as a negative trade balance and rising unemployment, particularly in the aftermath of the COVID-19 pandemic.
The investment climate in Turks and Caicos is favorable, especially for sectors like tourism and real estate, bolstered by government initiatives aimed at attracting foreign investment. Policies have been implemented to streamline the process for obtaining residence permits for investors, enhancing the islands' appeal to potential investors.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings