Turks and Caicos Islands: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision

International Monetary Fund

No 2005/024, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 (search for similar items in EconPapers)
Pages: 59
Date: 2005-01-26
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