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” …
What is Banking and Finance Law?
Banking and finance law deals with how banks and other financial institutions conduct business with borrowers. The aim in all transactions is to ensure compliance with the myriad of regulations and represent the party’s best interest. Among the areas covered in this genre of the law are: Bank Lending: A personal or business loan agreement where the bank lends money to a borrower that come attached with documented repayment terms Property Finance: A loan is sought and agreed for the purposes of enabling a borrower to obtain a property or develop the land on which a property will be built. …
