Financial Crime World

DOMINICA FACES FINANCIAL CRIME CHALLENGES AS CFATF RELEASES ASSESSMENT REPORT

The Caribbean Financial Action Task Force (CFATF) has published a comprehensive assessment report on Dominica’s efforts to combat money laundering and terrorist financing, highlighting key trends and challenges in the country’s fight against financial crime.

According to the assessment, Dominica faces various money laundering risks, including:

  • Drug trafficking
  • Burglary
  • Theft
  • Fraud
  • ATM scams
  • Possession and trafficking of firearms and ammunition

While the country has made progress in recent years, including: + Ratifying key UN resolutions + Establishing a Financial Intelligence Unit (FIU) there is still room for improvement in terms of coordination and cooperation between authorities.

Areas for Improvement and Recommendations

The report highlights several areas where Dominica needs to strengthen its efforts:

Financial Intelligence and Money Laundering Investigations

  • Conduct a comprehensive review of the National Risk Assessment, focusing on high-risk areas and updating sectoral risk assessments
  • Improve financial intelligence gathering and analysis
  • Enhance transparency and beneficial ownership information for legal persons and arrangements
  • Implement targeted financial sanctions related to terrorism and terrorist financing without delay

International Cooperation

  • Strengthen cooperation and coordination among competent authorities and key stakeholders
  • Ensure that all financial institutions and designated non-financial businesses and professionals fully understand their obligations to report suspicious transactions

Resource Allocation

  • Allocate sufficient resources to implement AML/CFT measures effectively

CFATF Recommendations for Enhancing AML/CFT Regime

The assessment also presents recommendations for Dominica to enhance its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, including:

  • Establish a national policy to address terrorist financing risks
  • Ensure that all financial institutions and designated non-financial businesses and professionals fully understand their obligations to report suspicious transactions
  • Implement targeted financial sanctions related to terrorism and terrorist financing without delay

Next Steps for Dominica’s Authorities

Dominica’s authorities must now address these recommendations to effectively strengthen its AML/CFT regime and successfully combat financial crimes.