Financial Crime World

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Dominica’s Financial Crime Data Analysis Tools Get Mixed Reviews

A recent evaluation of Dominica’s anti-money laundering and counter-terrorism financing (AML/CFT) measures has yielded mixed results. The report, which assesses the country’s implementation of the Financial Action Task Force (FATF) recommendations, shows that while some areas have been adequately addressed, others require improvement.

Compliance with FATF Recommendations

According to the report, Dominica is:

  • Largely compliant with recommendations R.1, assessing risk and applying a risk-based approach, and R.12, regarding politically exposed persons.
  • Partially compliant with recommendation R.16, relating to wire transfers.
  • Non-compliant in areas such as:
    • Correspondent banking (R.13)
    • Financial institution secrecy laws (R.9)

Recommendations for Improvement

The report highlights the need for Dominica to:

  • Strengthen national cooperation and coordination mechanisms (R.2).
  • Improve record-keeping requirements (R.11).
  • Enhance internal controls and foreign branches/subsidiaries supervision (R.18).
  • Address issues related to reporting of suspicious transactions (R.20) and tipping-off and confidentiality (R.21).

Positive Progress

On a positive note, Dominica has made significant progress in implementing measures to combat terrorist financing, including:

  • Targeted financial sanctions related to terrorism and terrorist financing (R.6).
  • International cooperation mechanisms such as mutual legal assistance (R.37) and extradition (R.39).

Conclusion

Overall, the report recommends that Dominica continues to work towards improving its AML/CFT framework, particularly in areas where it has been deemed non-compliant or partially compliant. With continued efforts, the country can further strengthen its financial system and reduce the risks of financial crime.