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Financial Crime Prevention Technologies in Dominica Under Scrutiny

A recent assessment of Dominica’s financial crime prevention measures has shed light on the island nation’s progress in implementing global standards. The report highlights areas of strength and weakness, underscoring opportunities for improvement.

Dominica’s Mutual Evaluation 2023 Scorecard

Dominica received mixed ratings across the Financial Action Task Force (FATF) Recommendations. While some aspects demonstrate a high level of compliance, others require attention.

Assessment Areas

The following areas were assessed:

Risk Assessment and Risk-Based Approach (R.1)

• Compliance: Dominica was found to be largely compliant in assessing and applying a risk-based approach to prevent financial crime.

National Cooperation and Coordination (R.2)

• Compliance: The country’s efforts in national cooperation and coordination were also deemed largely compliant.

Money Laundering Offence (R.3) and Confiscation Measures (R.4)

• Rating: ‘C’ rating in both areas, indicating compliance.
• Explanation: Dominica showed compliance in implementing money laundering offences and confiscation measures.

Terrorist Financing Offences (R.5) and Targeted Financial Sanctions (R.6-7)

• Partial Compliance: The country demonstrated partial compliance in implementing terrorist financing offences and targeted financial sanctions related to terrorism and proliferation.

Areas Requiring Improvement

The following areas require attention:

Non-Profit Organisations (R.8), Financial Institution Secrecy Laws (R.9), and Customer Due Diligence (R.10)

• Rating: Partial compliance, largely compliant, and largely compliant respectively.
• Explanation: Dominica received mixed ratings in these areas.

Record Keeping (R.11) and Politically Exposed Persons (R.12)

• Compliance: The country showed compliance in record keeping and politically exposed persons regulations.

Correspondent Banking (R.13), Money or Value Transfer Services (R.14), and New Technologies (R.15)

• Rating: Largely compliant, indicating high level of compliance.
• Explanation: Dominica was found to be largely compliant in correspondent banking, money or value transfer services, and new technologies.

Wire Transfers (R.16) and Reliance on Third Parties (R.17)

• Compliance: The country demonstrated compliance in wire transfers and reliance on third parties regulations.

Additional Areas of Concern

The following areas require further attention:

Internal Controls and Foreign Branches and Subsidiaries (R.18), Higher-Risk Countries (R.19), and Reporting of Suspicious Transactions (R.20)

• Rating: Compliance, largely compliant, and compliance respectively.
• Explanation: Dominica received mixed ratings in these areas.

Tipping-Off and Confidentiality (R.21) and DNFBPs Customer Due Diligence (R.22-23)

• Partial Compliance: The country showed partial compliance in tipping-off and confidentiality regulations, and was found to be largely compliant in DNFBPs customer due diligence.

Transparency and Beneficial Ownership of Legal Persons (R.24) and Transparency and Beneficial Ownership of Legal Arrangements (R.25)

• Rating: Partial compliance and largely compliant respectively.
• Explanation: Dominica received mixed ratings in these areas.

Regulation and Supervision

The country showed compliance in regulation and supervision of financial institutions, and was found to be largely compliant in powers of supervisors.

Financial Intelligence Units (R.29), Responsibilities of Law Enforcement and Investigative Authorities (R.30-31), Cash Couriers (R.32), Statistics (R.33), Guidance and Feedback (R.34), Sanctions (R.35), International Instruments (R.36), Mutual Legal Assistance (R.37), Extradition (R.39), and Other Forms of International Cooperation (R.40)

• Rating: Mixed ratings across these areas, with compliance in some and largely compliant in others.
• Explanation: Dominica received mixed ratings in these areas.