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Financial Inclusion and Crime Prevention in Dominica: A Report Card
A recent evaluation by the Financial Action Task Force (FATF) has given Dominica a mixed bag of ratings on its implementation of financial inclusion and crime prevention measures. While some areas have shown significant progress, others require improvement.
Assessment Highlights
The FATF assessment evaluates a country’s compliance with international standards to combat money laundering and terrorist financing. Dominica received the following ratings:
- R.1: Assessing risk & applying a risk-based approach: Largely Compliant
- R.2: National cooperation and coordination: Largely Compliant
- R.3: Money laundering offence: Compliant
- R.4: Confiscation and provisional measures: Compliant
- R.5: Terrorist financing offence: Compliant
- R.6: Targeted financial sanctions related to terrorism & terrorist financing: Partially Compliant
- R.7: Targeted financial sanctions related to proliferation: Non-Compliant
- …and many more
Areas for Improvement
While Dominica has made progress in some areas, there are still gaps to be addressed. The government will need to continue working to strengthen its financial inclusion and crime prevention measures to ensure the integrity of its financial system.
Conclusion
The FATF assessment indicates that while Dominica has made significant progress in some areas, there is still much work to be done to achieve full compliance with international standards. The government must prioritize strengthening its financial inclusion and crime prevention measures to maintain the integrity of its financial system.