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Dominica AML Regulations Receive Mixed Rating in Latest Mutual Evaluation Report

Dominica’s anti-money laundering (AML) regulations have received a mixed rating in its latest mutual evaluation report, according to a recent assessment. While the country scored mostly compliant or largely compliant on most of the 40 criteria evaluated, there are several areas where improvement is needed.

Key Findings

• Partially Compliant: Dominica was found to be partially compliant in key areas such as targeted financial sanctions related to terrorism and terrorist financing, new technologies, and transparency and beneficial ownership of legal persons.
• Mostly Compliant: The country scored mostly compliant in areas such as:
  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offence, confiscation and provisional measures
  • Internal controls and foreign branches and subsidiaries
• Largely Compliant: Dominica received largely compliant ratings for several key areas, including:
  • Customer due diligence
  • Record keeping
  • Reporting of suspicious transactions

Areas for Improvement

However, the report highlights several areas where Dominica needs to improve its AML regulations, including:

• Regulation and Supervision of Financial Institutions: The country’s regulation and supervision of financial institutions requires improvement.
• Powers of Supervisors: The powers of supervisors need to be strengthened.
• Transparency and Beneficial Ownership of Legal Arrangements: The transparency and beneficial ownership of legal arrangements require greater clarity.

Conclusion

While Dominica has made significant progress in implementing its AML regulations, there are still several areas that require improvement to ensure the country’s compliance with international standards. The report suggests that continued efforts are needed to strengthen the country’s AML regime.