Financial Crime World

Dominica’s Financial Intelligence Unit Unveils its Far-Reaching Powers and Functions

The Financial Intelligence Unit (FIU) in Dominica has been granted a wide range of powers and functions under Section 4 of the FIU Act, aimed at combating money laundering, terrorist financing, and other financial crimes.

Responsibilities of the FIU

  • Receiving, requesting, analyzing, investigating, and disseminating information on all suspected proceeds of crime and suspicious transactions
  • Gathering intelligence to detect money laundering, terrorist financing, and other financial crimes
  • Establishing a database on cases to track money trails
  • Liaising with international agencies outside of Dominica to gather information on pending cases of money laundering, terrorist financing, and other financial crimes in other jurisdictions

Powers of the FIU

  • Applying for warrants to enter premises of financial institutions or individuals carrying out scheduled business during normal working hours to inspect business transaction records
  • Instructing financial institutions or individuals to take steps to facilitate investigations and compile statistics on matters related to money laundering
  • Consulting with persons, institutions, or organizations within or outside Dominica for the purposes of exercising its powers and duties under the Act

Sharing Information and Collaboration

  • Passing on relevant information relating to money laundering, terrorist financing, or any other financial crime to the Director of Public Prosecutions with a view to taking appropriate action
  • Collaborating with international agencies and organizations to share intelligence and best practices in combating financial crimes

Other Functions

  • Carrying out any other function assigned to it by the Minister, demonstrating the government’s commitment to effectively combating financial crimes and protecting the country’s financial system.

The FIU’s far-reaching powers and functions aim to strengthen Dominica’s efforts in combating money laundering, terrorist financing, and other financial crimes, while also promoting transparency and cooperation with international agencies.