Financial Crime World

Dominica’s Financial Intelligence Unit: Vanguard against Money Laundering and Terrorist Financing in the Caribbean

A Critical Player in the Global Effort to Counter Financial Crimes

In the heart of the Eastern Caribbean, the Financial Intelligence Unit (FIU) of Dominica has established itself as a critical player in the global effort to counter financial crimes. This small but robust agency, mandated by the Financial Intelligence Unit (FIU) Act, is tasked with various functions designed to detect and prevent money laundering, terrorist financing, and other financial crimes.

Primary Responsibilities

According to Section 4 of the FIU Act, the Unit’s primary responsibilities include:

  • Serving as the central agency for receiving, requesting, analyzing, and investigating all suspected proceeds of crime and suspicious transactions.
  • Gathering intelligence.
  • Establishing and maintaining a database.
  • Liaising with international partners.

Substantial Powers

The Unit boasts substantial powers, some of which include:

  • Applying to a Judge or Magistrate for a warrant to inspect business transaction records in financial institutions and businesses carrying out scheduled activities.
  • Instructing financial institutions to take steps to facilitate investigations with reasonable suspicion.

Additional Duties and Functions

The Unit also carries out various other functions, such as:

  • Compiling statistics and records.
  • Consulting with various entities.
  • Passing on relevant information to the Director of Public Prosecutions for further action.
  • Any other function assigned by the Minister.

Defending Dominica’s Financial System

The Unit plays a crucial role in defending Dominica’s financial system against financial crimes. Its duties extend beyond the shores of the Commonwealth of Dominica. The Unit gathers intelligence about ongoing cases in other jurisdictions, creating a global network of knowledge that strengthens its capacity to combat financial crimes.

A Regional Beacon

Dominica’s Financial Intelligence Unit has become a regional beacon against financial crimes. Its unwavering commitment to upholding the integrity of the financial system is a testament to the government’s dedication to this cause. The Unit’s mission aligns with international efforts to combat money laundering and terrorist financing, significantly enhancing Dominica’s reputation as a trusted jurisdiction in the global financial community.

The FIU Act

The Financial Intelligence Unit (FIU) Act is the legal framework that establishes and outlines the functions, duties, and powers of the Dominica Financial Intelligence Unit.