International Cooperation on Financial Crime in Dominica Receives High Marks

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Dominica has made significant strides in implementing international standards to combat financial crime, according to a recent evaluation by the Financial Action Task Force (FATF). The country’s mutual evaluation for 2023 highlights its efforts to strengthen cooperation and coordination between law enforcement agencies, financial institutions, and other stakeholders.

Compliance with FATF Recommendations

The report notes that Dominica is largely compliant with FATF recommendations on:

• Assessing risk and applying a risk-based approach
• Maintaining national cooperation and coordination

Additionally, the country received high marks for its laws and regulations related to money laundering and terrorist financing, including:

• Confiscation measures
• Provisional measures

Areas for Improvement

However, the evaluation did identify some areas where Dominica can improve, including:

• Strengthening customer due diligence
• Record keeping and internal controls
• Implementing more robust measures to prevent the misuse of new technologies

Progress and Future Improvements

Despite these areas for improvement, Dominica’s efforts have been recognized by FATF, which noted that the country has made significant progress in recent years. The report highlights the importance of continued cooperation between international partners to combat financial crime and protect the global financial system.

Dominica’s commitment to combating financial crime is a crucial step towards promoting economic stability and security for its citizens. The country’s efforts will be closely monitored by FATF, and further improvements are expected in the coming years.