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

January 26, 2005

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International Monetary Fund. "Turks and Caicos Islands: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision", IMF Staff Country Reports 2005, 024 (2005), accessed 12/7/2025, https://doi.org/10.5089/9781451836349.002

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Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Financial services, Insurance, Insurance companies, Money laundering

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), banking sector, board of directors, Caribbean, CFT regime, company manager, CR, FSC ordinance, Global, Insurance, Insurance companies, ISCR, managing director, Money laundering, North America, reinsurance company, TCI authorities, TCI authority, TCI bank, TCI constitution, TCI government, TCI insurance industry, TCI law-enforcement authority

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