Friday, 30 July 2021
Banks Turks and Caicos. Offshore Accounts Turks and Caicos Islands
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At the beginning of 2005, the financial sector Turks and Caicos Islands has six banks (five of which also serve traditional customers), approximately 3,000 insurance companies, 1,000 trusts, and 14,000 of tax-exempt companies, ie International Business Companies (MHC). Financial Services Commission licenses and supervises banks, trusts, insurance companies and corporate executives, she gives women license MHC and serves as the register of companies in the Turks and Caicos. Central bank as such in the Turks and Caicos absent. Financial Services Commission, consisting of 14 employees responsible for conducting inspections of financial institutions to a limited extent in the field. The Commission was established in accordance with the Act on the Financial Services Commission in 2001 and has been operational since March 2002 The Commission now reports directly to the Governor.

The financial system is built mainly around two groups: those who are constantly in and / or engaged in business in the Turks and Caicos Islands, and those who live outside the jurisdiction of the Turks and Caicos, but participates in mechanisms to protect funds held in jurisdiction. This distinction is reflected in two types of banking licenses issued under the Law on the State Banking License: State banking license to conduct banking activities in the islands with the residents of the islands, and foreign bank licensed to conduct banking activities in the islands, but with non-residents. However, are allowed to have both types of license provided the separation of accounting for these types of activities or conduct such activities through separate subsidiaries.

In January 2004 the government allowed to enact the EU Directive on savings tax, provided that a single market for all offshore and traditional financial institutions. Privacy and bank secrecy protected by the Privacy Act 1979 which imposes fines and imprisonment of bank employees, including public officials who disclose confidential information without proper authorization. Companies Act 1981 contains similar provisions for companies that are exempt from paying taxes. In addition, customary law also provides for civil liability for breach of professional secrecy. The obligation of confidentiality does not apply if it comes into conflict with the provisions of the Act on Mutual Legal Assistance (USA)
1991, which was adopted pursuant to the agreement between the U.S. and the United Kingdom for assistance in criminal matters. At the same time specified the contract does not apply to fiscal crimes; Turks and Caicos Islands to entered into any agreement for the avoidance of double taxation, so local authorities can not cooperate with foreign authorities investigate and can not assist in the investigation of tax evasion .

Financial Institutions

Karibian First International Bank (First Caribbean International Bank)
Skotiyabank (Scotiabank)
Bourdieu International Bank and Trust Co.. (Bordier International Bank & Trust Ltd.)
Belize Bank (Belize Bank)
Turks and Caicos Banking Company Limited. (Turks & Caicos Banking Co Ltd.)

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