Title: Dominica’s Financial Intelligence Unit: Battling Money Laundering, Terrorist Financing, and Other Financial Crimes

About the Financial Intelligence Unit (FIU) in Dominica

The Dominica-based FIU is a pivotal organization in protecting the country’s financial system from money laundering, terrorist financing, and other financially motivated criminal activities. Below are the primary responsibilities of the FIU as outlined in section 4 of the FIU Act.

The FIU’s Key Responsibilities

1. Receiving, requesting, analyzing, investigating, and disseminating information:

   • Receiving and analyzing suspect financial data.
   • Conducting investigations.
   • Collaborating with appropriate authorities.
   • Gathering intelligence about potential financial crimes.

2. Information databases and internationally coordinated efforts:

   • Maintaining a database of cases to detect money trails.
   • Liaising with international financial intelligence agencies.
   • Sharing information and coordinating efforts to combat financial crimes.
   • Gathering intelligence on pending cases in other jurisdictions.

3. Inspection powers:

   • Requesting warrants to inspect business transaction records of financial institutions.
   • Asking questions related to transactions and making relevant notes or copies.

Collaboration and Information Sharing

• Consulting with individuals, institutions, or organizations to facilitate the execution of the FIU’s functions.
• Passing on any relevant information to the Director of Public Prosecutions for further action.

Other Functions

• Executing any additional functions assigned to it by the Minister.
• Playing a significant role in maintaining the integrity of Dominica’s financial sector.
• Combat financial crimes and ensure compliance with the Money Laundering (Prevention) Act 2011 and the Suppression of the Financing of Terrorism Act 2003.