The Anti-Money Laundering Committee hosts series of National Money Laundering/ Terrorism Financing / Proliferation Financing Risk Assessment Workshops for the Turks and Caicos Islands
PRESS RELEASE
FROM THE ANTI-MONEY LAUNDERING COMMITTEE
BEGINS
The Anti-Money Laundering Committee hosts series of National Money Laundering/ Terrorism Financing / Proliferation Financing Risk Assessment Workshops for the Turks and Caicos Islands
Providenciales, Turks and Caicos Islands – Tuesday, 27 May 2025: The Anti-Money Laundering Committee (AMLC) hosted a series of workshops from May 5-13, 2025, aimed at identifying and updating our understanding of the Money Laundering (ML), Terrorism Financing (TF) and Proliferation Financing (PF) risks to the Turks and Caicos Islands.
In an effort to bolster national ML, TF, and PF risk understanding and mitigation, the AMLC is pleased to announce a series of multi-stakeholder workshops as part of the Turks and Caicos Islands’ comprehensive ML, TF, and PF National Risk Assessment initiative which is critical not just for regulatory compliance, but for national security, economic stability and good governance. The workshops held from May 5-13, 2025 were designed to gather empirical and qualitative information from local law enforcement, regulatory supervisors, private sector stakeholders, and related agencies to identify and understand the nature and extend of risks posed to Turks and Caicos Islands and by extension the global financial system from ML, TF and PF.
The National Risk Assessment currently being undertaken in the Islands includes an assessment of major proceeds-generating offences, vulnerabilities in the products and services of the financial and non-financial sectors, not-for-profit organizations and virtual asset service providers. By engaging diverse perspectives and expertise from across sectors, these workshops play a crucial role in fostering a proactive approach to risk management.
"We are excited to launch these workshops as a vital component of our National Risk Assessment strategy. By harnessing the collective knowledge and experience of stakeholders, we aimed to strengthen our ability to mitigate risks effectively. It’s not just about checking boxes or meeting global standards. It’s about building a system that works for us — one that is smart, responsive, and resilient." said Mrs. Kenisha Bacchus, Managing Director (Ag) of the Turks and Caicos Islands Financial Services Commission and Deputy Chair of the AMLC who opened the workshops.
Hon. Rhondalee Braithwaite Knowles OBE KC, Chair of the AMLC said, “The outcomes of these workshops and others that will be held focused on private sector stakeholders will inform our advice to the Cabinet on the relevant policies, with a view to strengthening the Turks and Caicos Islands’ legal and regulatory frameworks, and support the development of an updated national AML/CFT/CPF strategy that is responsive, targeted, and effective.”
This month’s workshops focused on key areas such as the proceeds generated by corruption, human smuggling, drug trafficking and foreign-generated offences as well as sectors such as banking, real estate, trust and corporate services providers, etc. leveraging insights to develop actionable strategies and policies. Participants had the opportunity to contribute their expertise towards shaping resilient frameworks that safeguard the Turks and Caicos Islands’ reputation as a well-regulated, secure and stable economy.