Financial Crime World

Title: Dominica Strengthens Financial Crimes Fighting Measures Amidst CFATF Evaluation

CFATF Evaluates Dominica’s AML/CFT Measures

The Caribbean Financial Action Task Force (CFATF) has completed its mutual evaluation report on Dominica’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures. Adopted during the May 2023 Plenary in Port of Spain, Trinidad and Tobago, the report provides recommendations on how Dominica can enhance its financial crime fighting regime.

CFATF Assessment Highlights

The assessment concentrated on various aspects of Dominica’s financial crime prevention system, including:

ML/TF Risks and Context

  • Identified drug trafficking, fraud/ATM scams, theft, burglary, and firearm trafficking as significant ML threats
  • More comprehensive evaluation needed to include assessing terrorist financing, cross-border financial flows, legal persons, non-profit organizations, virtual asset service providers, and the Citizenship by Investment program

National Policies and Coordination

  • Improvement in cooperation and coordination between key competent authorities
  • Development of a National Policy, National Strategy, and National Implementation Action Plan
  • Criminalization of money laundering with LEAs given powers to investigate and prosecute ML offenses
  • Inconsistencies in enforcing measures, with a limited number of ML investigations and prosecutions
  • Limited human resources allocated to investigations, hinder the country’s ability to effectively combat ML

Minister’s Response

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. He acknowledged the importance of international support and cooperation in this endeavor.

Dominica’s Continued Efforts

Dominica remains dedicated to strengthening its financial crimes prevention system and meeting international standards by closely collaborating with the CFATF and other international organizations.

For more detailed information on CFATF and its evaluation reports, please visit their website: www.cfatf.org.