Anti-Money Laundering (AML) Practices in Dominica: A Comprehensive Guide
Introduction
The following guide provides a comprehensive overview of Anti-Money Laundering (AML) practices in Dominica. This guide outlines the scope of AML guidelines, who and what services are governed by these guidelines, when the guidelines apply to transactions, and provides an outline of the money laundering legislation.
Scope of the Guidelines
The AML guidelines apply to “Financial Services Providers” who provide various financial services, including:
- Banking business
- Financial business
- Venture risk capital
- Money transmission services
- Issuing and administering means of payment
- 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
- 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
- Business transactions conducted at a post office involving money orders
- Securities brokerage
- Telecommunications companies
- Utility companies
- Securities exchange
Applicability of the Guidelines
The guidelines apply to relevant financial transactions involving arrangements between two or more parties when at least one party is acting in the course of business. They also apply to the formation of a “business relationship” with the purpose of facilitating Relevant Financial Transactions on a frequent, habitual, or regular basis.
Legislation Specific to Money Laundering
The legislation specifically relating to money laundering in Dominica includes:
- The Money Laundering Prevention Act (No 8 of 2011)
- The Proceeds of Crime Act (No 4 of 1993)
Conclusion
This guide provides a comprehensive overview of AML practices in Dominica, outlining who is covered by these guidelines, what services are included, when the guidelines apply to transactions, and an outline of the relevant legislation.