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Turks & Caicos Country Summary

Sanctions

No

FATF AML Deficient List

No

Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center

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

Bribery & Corruption

Rating 0 (bad) - 100 (good)
Transparency International Corruption Index NA
World Bank: Control of Corruption Percentile Rank NA

Economy

The economy of the Turks and Caicos Islands is predominantly driven by tourism, offshore finance, and fishing, with the US dollar serving as the main currency. Since the 1960s, the economy has expanded significantly due to American investments, although it remains challenged by a reliance on imports and a negative trade balance.

The investment climate in the Turks and Caicos Islands is generally favorable, particularly for tourism and real estate development, with the government actively encouraging foreign investment through incentives such as residency permits for significant financial contributions. Despite challenges like reliance on imports and vulnerability to external economic shocks, the islands' legal framework and political stability create a conducive environment for investors.

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  • Risk Analysis
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  • Executive Summaries
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  • Key Findings
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