Financial Crime World

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Dominica’s Compliance with OECD Standards: A Summary Report

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Beneficial Ownership Information

The report highlights several key issues regarding Dominica’s compliance with OECD standards on transparency and exchange of information, specifically concerning beneficial ownership.

Gaps in Enforcement

  • The legal framework requires identification of beneficial owners, but there are gaps in enforcement.
  • This suggests that the authorities may not be effectively monitoring or supervising service providers to ensure compliance.

Variations in Oversight

  • Beneficial ownership requirements have different levels of oversight depending on the service provider (lawyers, notaries, accountants).
  • This inconsistency creates uncertainty and potential weaknesses in the system.

Lack of Monitoring and Supervision

  • There is a lack of monitoring and supervision to ensure that beneficial ownership information is available.
  • This omission hinders the effective implementation of beneficial ownership requirements.

Accounting Records

The report also discusses concerns regarding accounting records in Dominica, including:

Availability Concerns

  • The legal framework requires accounting records for all relevant entities and arrangements.
  • However, there are concerns about the availability of accounting records, particularly for inactive companies and those that have ceased to exist.

Inadequate Oversight by FSU

  • The Financial Services Unit (FSU) has not conducted onsite visits or imposed sanctions on registered agents.
  • This lack of oversight undermines the effectiveness of regulatory measures.

Banking Information

The report identifies several issues related to banking information in Dominica:

Deficiencies in Identifying Beneficial Owners

  • The legal framework is in place, but there are deficiencies in identifying beneficial owners of bank accounts.
  • Banks may not always collect extensive information on all relevant beneficial owners.

Conclusion

In summary, the report suggests that Dominica needs to improve its compliance with OECD standards, particularly in terms of enforcing beneficial ownership requirements and ensuring the availability of accounting records. Addressing these weaknesses is crucial for maintaining transparency and preventing financial crimes.