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Europe > Turks and Caicos Islands

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Cover IMF Staff Country Reports
St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on St. Kitts and Nevis highlights strengthening core business functions audit capacity (RTAT). In response to a request from the St. Kitts and Nevis Inland Revenue Division (IRD), Caribbean Regional Technical Assistance Centre provided capacity development (CD) in strengthening audit capacity under the RTAT training program. The main objective of this CD was to strengthen capacity to audit and verify accuracy of reporting by taxpayers in the Financial Sector. The CD started with the provision of five days of training of IRD auditors where the purpose was to prepare the authorities to implement the necessary actions in adopting good practice in auditing the Financial Sector. The IRD will build on this training and CD when designing future audit program. Given the importance of Financial Sector in St. Kitts and Nevis, further support to ensure compliance in the sector would be beneficial. The IRD will need further assistance to strengthen the audit program of the Financial Sector and support to review of tax returns of the companies in that sector. As a first step the audit team should, develop a program of profile meetings to gather relevant information on the operations of various businesses in the sector.
Keywords:
Strengthening audit capacity; core business functions audit capacity; IRD audit team; team Training Program; IRD auditor; World Bank staff; a number of audit case; Auditing; Financial sector; Training and development in revenue administration; Financial audit; Insurance companies; Caribbean
Cover IMF Staff Country Reports
Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands. Although the financial oversight framework has significantly improved, the Financial Services Commission (FSC) should strive for further progress. Major advances have been made regarding the operational independence of the FSC and staffing. Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul. The functioning of the FSC should be strengthened by enhancing Board oversight, filling key positions at Board and senior management levels, strengthening communication and consultation with the industry, and improving the supervision and risk assessment capacities of FSC staff.
Keywords:
ISCR; CR; TCI bank; financial crisis; asset quality; bank distress; U.S. dollar; parent bank distress; financial support; parent-bank funding; bank capital; E. bank resolution; holding company; cash flow; FSC insurance department; Insurance companies; Insurance; Nonperforming loans; Credit; Global; Caribbean; North America
Cover IMF Staff Country Reports
Turks and Caicos Islands: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This paper reviews Financial Sector Regulation and Supervision for Turks and Caicos Islands (TCI). The TCI has a structure for financial supervision that encompasses banking, insurance, mutual funds, investment brokers, trusts, trustees, companies’ registration, and company service providers. The supervisory framework has undergone major modifications since 2000, but further strengthening of the legal and institutional framework is needed. The Financial Services Commission has been transformed into a statutory body and given additional autonomous powers for supervision. Underlying financial ordinances have been amended to bring them more in line with international standards.
Keywords:
ISCR; CR; TCI insurance industry; TCI authority; TCI government; reinsurance company; board of directors; company manager; FSC ordinance; managing director; TCI law-enforcement authority; TCI authorities; CFT regime; TCI constitution; TCI bank; banking sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance companies; Insurance; Money laundering; Caribbean; Global; North America