Comprehensive Guide to Anti-Money Laundering (AML) Regulations in Dominica

Introduction

The following guide outlines the key aspects of anti-money laundering (AML) regulations in Dominica. It provides a comprehensive overview of the guidelines, legislation, and potential vulnerabilities in retail schemes.

Legitimate Business Funds

• Obtaining Legitimate Business Funds: Legitimate business funds can be obtained through various means, including:
  • Realizing property or assets
  • Reducing shares
  • Switching investments
  • Surrendering insurance policies

Vulnerability of Retail Schemes

• Retail Schemes Directed to the Public: The guidelines highlight the vulnerability of retail schemes directed to the public and financial institutions dealing directly with the public.
• Initial Cash Disposal Derived from Crime: These schemes may be used for initial cash disposal derived from crime.

Scope of the Guidelines

• Financial Services Providers: The guide defines “Financial Services Providers” and explains that it applies to various services, including:
  • Banking business
  • Money transmission services
  • Issuing and administering means of payment
  • Guarantees and commitments
  • Trading in securities

Business Relationship

• Applicability: The guidelines apply to a transaction when at least one party is acting in the course of business or forming a business relationship for frequent, habitual, or regular transactions.

Money Laundering Legislation

• Money Laundering Prevention Act (No. 8 of 2011): The guide provides an outline of the Money Laundering Prevention Act (No. 8 of 2011), including definitions and offences related to money laundering.
• Proceeds of Crime Act (No. 4 of 1993): It also outlines the Proceeds of Crime Act (No. 4 of 1993), which includes definitions and offences related to money laundering.

If you would like me to assist with analyzing specific sections or providing more information on related topics, please let me know!