Portal de Periódicos da CAPES

Turks and Caicos Islands

2007; Oxford University Press; Volume: 13; Issue: 8 Linguagem: Inglês

10.1093/tandt/ttm090

1752-2110

J. Katan, Sarah E. Ross,

Islamic Finance and Banking Studies

With a booming economy fuelled by a strong property and development market the Turks & Caicos Islands are experiencing unprecedented growth. The financial services sector in general is expanding to meet the needs of inward investors and those wishing to undertake business in and through the Turks & Caicos Islands. The Turks & Caicos Islands in collaboration with the private sector through their representative body the Financial Industry Association (‘FIA’) are engaging in full scale review and revision of the financial services legislation in the Turks & Caicos Islands. From a regulatory point of view the review will result in the enactment of a new Proceeds of Crime Ordinance timed to co-ordinate with joint CATF/IMF inspection that is due to take place this year and is designed to implement regulatory legislation that not simply meets the requirements of the CATF/IMF, but enshrines best practice in statutory/guidelines form. With respect to non-regulatory legislation a Protected Cell Company Ordinance was enacted in late 2006. Currently, Trusts, Mutual Funds, Banking and Insurance legislation are all under review with a view to amending or entirely new Ordinances being enacted in late 2007 or early 2008. With respect to trusts it is anticipated that the new legislation will provide for purpose trusts and allow for the creation of REITs.