TCI Amends Ordinance to Combat Illicit Financial Activities
The TCI Government has amended the Invest Turks and Caicos Islands Agency Ordinance to empower the agency to develop stringent due diligence policies in an effort to combat money laundering, terrorist financing, and other illicit financial activities. The move came in the wake of the arrest of Sam Bankman-Fried, founder and CEO of the cryptocurrency exchange FTX which collapsed in November 2022. He was indicted on multiple criminal fraud charges levied by the U.S. Attorney of the Southern District of New York, Damian Williams. Williams called Bankman-Fried’s actions “one of the biggest financial frauds” in American history. Hon. Erwin “Jay” …
