The Governor is the competent authority in the Turks and Caicos Islands (TCI) for the implementation of targeted financial sanctions. However, Governor may delegate or authorise the delegation of any of his or her functions. Where a delegation has been made notice of the delegation will be placed in the Gazette, as well as posted on the websites of the Financial Services Commission and Attorney General’s Chambers. The TCI has issued on financial sanctions.
Sanctions in the TCI flow from those imposed by the UN and the UK. Following the adoption of the UNSCRs by the UN, to ensure that its Overseas Territories (OTs) can implement the sanctions agreed in the UN, the UK makes an implementing Order in Council, under the United Nations Act 1946, under the Sanctions and Money Laundering Act 2018 (“SAMLA”) which is extended to the OTs in the form of a Sanctions Order. Sanctions Orders are subsidiary legislation and are published in the TCI Gazette.
The United Nations (UN) imposes general measures regarding terrorism and more specifically against named persons, groups, undertakings and entities. The enforcement measures are imposed to combat international terrorism and threats to international peace and security. These measures inter alia impose asset freezes and other prohibitions in respect of funds owned, held or controlled by certain named persons, groups, undertakings and entities. It is a criminal offence to breach these requirements.
The UN has also imposed sanctions against specified countries and/or government officials of certain countries. Any person or entity considering entering into any form of financial or other type of business relationship which is in any way linked with the countries or subjects referred to in the UN sanctions must exercise great caution and closely consider the details contained within the various sanctions lists and any associated local enactments or enactment which has been extended to the Turks and Caicos Islands. Many of the sanctions expressly prohibit the provision of financial services to the named inpiduals or entities and it is of paramount importance that the financial services industry take appropriate measures to comply with these enactments.
The UN currently has 14 ongoing sanctions regimes which focus on supporting political settlement of conflicts, nuclear non-proliferation, and counter-terrorism..
You can read more about the UN’s work on financial sanctions and the UN Sanctions Committee list at the link: http://www.un.org/sc/committees/
Detailed information on the work of each committee, including current measures in place and lists can be found in links in a column on the on the left side of that page.
The UN Sanctions Committee list specifically in relation to Al-Qaida can be found at the link: http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml
The UK Office of Financial Sanctions Implementation (OFSI) is the competent authority for implementing sanctions and making domestic designations maintains a consolidated list of all designated persons subject to financial sanctions under UN and UK legislation. Information on the United Kingdom’s (UK) financial sanctions regime is available at this link. The UK also maintains a consolidated list of asset freeze subjects as designated by the UN and UK in relation to financial sanctions and has issued guidance on financial sanctions. Information on financial sanctions targets by regime may also be found at the link:
Frequently asked questions relating to financial sanctions can be found here .
Details of current arms embargoes and other restrictions are available at the following page .
Electronic copies of UK legislation, including Statutory Instruments (SI’s) which applies to the Turks and Caicos Islands can be found at: http://www.legislation.gov.uk/
The Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 have been extended to the TCI with modification by the Counter-Terrorism (Sanctions) (Overseas Territories) Order 2020. The purpose of this Regulation is to give effect to UNSCR 1373 (2001) adopted by the Security Council of the United Nations on 28th September 2001 relating to terrorism. Resolution 1373 includes a requirement that Member States of the United Nations must (a) prevent the financing of terrorist acts, including the freezing of funds and economic resources of persons who commit or attempt to commit terrorist acts or participate in or facilitate such acts, and (b) prohibit their nationals and those within their territories from making funds, financial services or economic resources available to such persons. The Counter-Terrorism (Sanctions) (Overseas Territories) Order 2020 came fully into force on 31 December 2020 and confers power on the Governor to designate persons who are, or have been, involved in terrorism.
Financial institutions must check and keep itself informed as to any changes to the Sanctions Orders.