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Dominica’s Financial Institution Risk Assessments Revealed

A recent assessment by the global financial watchdog, Financial Action Task Force (FATF), has rated Dominica’s implementation of anti-money laundering and counter-terrorism financing measures.

Overview

The ratings reflect the extent to which the country has implemented technical requirements outlined in the FATF Recommendations. The evaluation assesses 40 key criteria across various areas, including:

• Risk assessment and application of a risk-based approach
• National cooperation and coordination
• Regulation and supervision of financial institutions

Highlights

According to the report, Dominica scored high marks in several areas, including:

• Efforts to combat terrorist financing
• Confiscation and provisional measures
• Transparency and beneficial ownership of legal persons

However, the country received lower ratings in some areas, such as:

• Correspondent banking
• Money or value transfer services
• Guidance and feedback

Areas for Improvement

The assessment also highlighted areas where Dominica can improve, including:

• Customer due diligence
• Record keeping
• Internal controls and foreign branches and subsidiaries

Conclusion

While Dominica has made significant progress in implementing the FATF Recommendations, there are still some gaps that need to be addressed. The country’s financial institutions must continue to adhere to strict risk assessment and compliance procedures to ensure the integrity of the financial system.

Next Steps

Dominica’s government and financial regulatory bodies will need to work together to address the areas identified for improvement and strengthen its anti-money laundering and counter-terrorism financing framework.

Full Report

The full report is available on the FATF website.