Financial Crime World

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Dominica Receives High Rating in Financial Crime Prevention Measures

The Commonwealth of Dominica has received a high rating in its financial crime prevention measures, reflecting the country’s strong commitment to implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Key Findings

According to the FATF Mutual Evaluation 2023, Dominica demonstrated significant progress in implementing key measures to prevent financial crimes such as money laundering and terrorist financing. The country was found to be largely compliant with FATF recommendations, particularly in areas such as:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Customer due diligence

Strengths

Dominica also showed good implementation of measures related to:

  • Confiscation and provisional measures
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Transparency and beneficial ownership of legal persons
  • Regulation and supervision of financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions)

Areas for Improvement

However, Dominica was found to be partially compliant in some areas, including:

  • Implementation of measures related to correspondent banking
  • Money or value transfer services
  • New technologies

Additionally, the country was found to have room for improvement in its regulation and supervision of DNFBPs and its powers of supervisors.

Conclusion

The FATF Mutual Evaluation 2023 highlights the significant progress made by Dominica in implementing financial crime prevention measures, but also identifies areas where further work is needed. The report provides a comprehensive assessment of the country’s efforts to prevent financial crimes and serves as a valuable tool for policymakers and regulators seeking to strengthen their countries’ anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks.

Overall Assessment

Dominica’s high rating in its financial crime prevention measures reflects the country’s commitment to maintaining a robust AML/CFT framework that protects its financial system from abuse by criminal organizations.