Financial Crime World

Dominica Embarks on Path to Strengthen AML/CFT Regime

Following CFATF Evaluation

In an effort to bolster its financial crime fighting regime, Dominica has accepted the recommendations outlined in the latest mutual evaluation report by the Caribbean Financial Action Task Force (CFATF). This assessment, adopted during the May 2023 Plenary in Port of Spain, Trinidad and Tobago, underscores the need for the island nation to enhance its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures.

Key Areas of Concern

The report highlights significant money laundering threats facing Dominica, including:

  • Drug trafficking: A major concern for the country’s financial crime prevention system.
  • Fraud/ATM scams: The evaluation notes a need for improved measures to combat these types of crimes.
  • Theft and burglary: These crimes pose a significant threat to the country’s financial stability.
  • Firearm trafficking: A growing concern that requires increased attention.

Recommendations for Improvement

To address these concerns, the report emphasizes the need for:

  • Improved cooperation and coordination: Between key competent authorities to effectively combat money laundering.
  • Development of a National Policy, National Strategy, and National Implementation Action Plan: To guide the country’s AML/CFT efforts.
  • Increased human resources allocation: To investigations and enforcement activities.

Commitment to Reform

Upon receiving the evaluation, Dominica’s Minister of Finance, Economic Affairs, Investment, and Energy, Hon. Roosevelt Skerrit, pledged to implement the recommendations and fortify the country’s AML/CFT framework. The minister emphasized the importance of international support and cooperation in this endeavor, highlighting Dominica’s dedication to strengthening its financial crimes prevention system.

A Catalyst for Change

The CFATF evaluation serves as a catalyst for Dominica to further strengthen its AML/CFT regime and align with global best practices. As the country continues to work closely with the CFATF and other international organizations, it is poised to enhance its financial crime fighting capabilities and maintain a robust framework against money laundering and terrorist financing.