Here is a rewritten version of the article in markdown format:
Anti-Money Laundering Guidelines in Dominica
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The Scope of the Guidelines
Money laundering schemes involve complex layers of financial transactions designed to mask their origin and obscure audit trails. Retail schemes directed at the public are particularly vulnerable, with cash-based investments being a target for money launderers.
Who and What Services are Governed by the Guidelines
The anti-money laundering guidelines apply to “Financial Services Providers” who offer various services, including:
Banking Business
- Accepting deposits
- Making payments on behalf of customers
- Facilitating international transactions
Financial Business
- Issuing financial instruments (e.g. stocks, bonds)
- Providing investment advice
- Managing investments
Venture Risk Capital
- Investing in high-risk ventures
- Providing financing to startups and small businesses
Money Transmission Services
- Exchanging currency for customers
- Transferring funds internationally
- Conducting money orders and other remittances
Other Financial Services
- Issuing and administering means of payments (e.g. credit cards)
- Guarantees and commitments
- Trading for own account or for account of customers in money market instruments
- Foreign exchange
- Financial and commodity-based derivative instruments
- Transferable or negotiable instruments
- Money broking
- Money lending and pawning
- Money exchange (e.g. casa de cambio)
- Mutual funds
- Credit unions
- Building societies
- Trust business
- Insurance business
- Real estate business
- Car dealership
- Casinos (gaming houses)
- Courier services
- Jewellery business
- Internet gaming & wagering services
- Management companies
- Asset management and advice custodial services
- Nominee service
- Registered Agents
- Any business transaction conducted at a post office involving money orders
- Securities brokerage
- Telecommunications companies
- Utility companies
- Securities Exchange
When Does the Guidelines Apply to a Transaction
The guidelines apply to relevant financial transactions involving an arrangement between two or more parties when at least one party is acting in the course of business. The guidelines also apply to the formation of a “business relationship” that facilitates carrying out relevant financial transactions on a frequent, habitual, or regular basis.
Money Laundering Legislation
The legislation specifically relating to money laundering is contained in the:
- Money Laundering Prevention Act (No. 8 of 2011)
- Proceeds of Crime Act (No. 4 of 1993)
See Appendix 1 for definitions and offences.
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