Turks & Caicos Country Summary
Medium Risk
View full Ratings TableSanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Medium Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Higher 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 currently no international sanctions in force against Turks & Caicos.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | NA |
| World Bank: Control of Corruption Percentile Rank | NA |
The state of crime and corruption in the Turks and Caicos Islands presents challenges, with concerns regarding the effectiveness of law enforcement and governance. Despite these issues, the community demonstrates resilience, working towards enhancing safety and integrity within the society.
Economy
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 tourism sector significantly contributes to the GDP, accounting for approximately 34.67%, while financial services and construction also play important roles. Although the investment climate is favorable, particularly for tourism and real estate, challenges such as a negative trade balance and rising unemployment rates persist, prompting the government to implement strategies aimed at economic stabilization and growth.
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