The program of assessments is based on the paper presented to the IMF board: Offshore Financial Centers: the Role of the IMF.
The AML/CFT regime was assessed with respect to the Methodology for Assessing Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Standards.
The IAE, not under the supervision of Fund staff, was selected by CFATF to assess matters concerning AML/CFT law enforcement. Throughout this report, portions of the assessment attributable to the IAE are shown in italicized text.
The Turks and Caicos was one of the subjects of the Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda prepared for the United Kingdom by KPMG, October 27, 2000 (The KPMG Report).
To date, PORCs have only been required to file an annual compliance certificate but, in response to the KPMG report, the FSC has introduced the requirement to file annual financial statements and is in the process of introducing an annual fee of $100.
See footnote 1.
The assessment was conducted by Messrs. John Abbott (MFD), Peter Csonka (LEG), Ernesto López (AML/CFT Consultant, MFD), and Mr. Basil Collie (Royal Bahamas Police Force, The Bahamas), the independent anti-money laundering expert (IAE) on the team. Throughout this report, portions of the assessment attributable to the IAE are shown in italicized text.
See list attached.