Financial Crime World

Terrorism Suppression Act: New Measures to Combat Financial Terrorism

Introduction

The Government of Dominica has introduced a new law aimed at combating financial terrorism by targeting individuals and organizations that provide support to terrorist activities.

Overview of the Law

The Suppression of the Financing of Terrorism Act 2003, which came into effect on [date], makes it an offense for any person to knowingly incite, promote or participate in the commission of a terrorist act. The law also prohibits any person from attempting or conspiring to commit an offense under this Act, as well as aiding, abetting, counseling or procuring the commission of such an offense.

Investigations and Seizures

The new law establishes the Financial Intelligence Unit (FIU) to investigate transactions that may be linked to terrorist activities. The FIU will have powers to require financial institutions to keep records of frozen assets and to request production of documents related to any matter under investigation.

  • Powers of the FIU:
    • Require financial institutions to keep records of frozen assets
    • Request production of documents related to any matter under investigation
  • Seizure of property: The Commissioner of Police has been granted powers to seize property where there are reasonable grounds for suspecting that it has been or is being used to commit an offense under this Act.
    • A detention order may be sought ex parte from a Judge of the High Court if seizure is necessary to prevent the property from being concealed, removed or destroyed.

International Cooperation

The law also provides for international cooperation in combating financial terrorism. Where a person is taken into custody following an investigation, the Director of Public Prosecutions must inform the Attorney General who will notify the State or territory that claims jurisdiction over the individual.

  • International Committee of the Red Cross: The law allows for the International Committee of the Red Cross to communicate with and visit individuals detained under this Act.

Penalties

Anyone found guilty of contravening the new law faces a fine of up to $100,000 or imprisonment for up to 25 years, or both.

Conclusion

The Suppression of the Financing of Terrorism Act 2003 is aimed at strengthening Dominica’s efforts to combat financial terrorism and prevent the country from being used as a haven for terrorist activities. The government has emphasized its commitment to working with international partners to disrupt the financing of terrorism and protect the security of citizens.