Commonwealth of Dominica Falls Short in CFT Regulations, Report Reveals

A recent evaluation by the Caribbean Financial Action Task Force (CFATF) has raised concerns over the effectiveness of Dominica’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures. The report provides an assessment of Dominica’s AML/CFT system as of August 2022.

Key Findings

• Dominica has failed to fully implement key recommendations aimed at strengthening its AML/CFT regime.
• Several areas need improvement, including:
  • Lack of effective oversight mechanisms
  • Inadequate resources for the Financial Intelligence Unit (FIU)
• The report highlights concerns over the lack of transparency in certain sectors, including:
  • Real estate
  • Legal services

Shortcomings

• Dominica’s AML/CFT system is not adequately equipped to deal with emerging threats such as:
  • Virtual currencies
  • Online financial transactions

Recommendations for Improvement

• Increase resources for the FIU
• Enhance cooperation between regulatory bodies
• Strengthen oversight mechanisms
• Improve transparency in key sectors, including real estate and legal services

Full Report Available

The full report is available on the CFATF website.