Financial Crime World

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Dominica Strengthens Anti-Money Laundering and Combating Financing of Terrorism Efforts

The Financial Action Task Force (FATF) has released its mutual evaluation report for Dominica, highlighting the country’s progress in implementing anti-money laundering (AML) and combating financing of terrorism (CFT) best practices.

Key Findings

  • Dominica demonstrated significant improvements in several key areas, including assessing risk and applying a risk-based approach.
  • National cooperation and coordination were deemed effective, allowing for seamless communication and information sharing between relevant authorities.
  • The country’s money laundering offense was found to be comprehensive, while its confiscation and provisional measures were considered adequate.

Strong Commitment to Combating Terrorist Financing

  • Dominica showed strong commitment to combating terrorist financing, with targeted financial sanctions in place.
  • The country also demonstrated significant progress in customer due diligence, record keeping, and internal controls.

Financial Intelligence Unit Recognized for Effective Role

  • Dominica’s financial intelligence unit was recognized for its effective role in providing critical information to law enforcement agencies.

Areas for Improvement

  • Strengthening regulations and supervision of financial institutions, designated non-financial businesses and professions (DNFBPs), and other entities that may be vulnerable to money laundering or terrorist financing.
  • Implementing further reforms to ensure Dominica’s AML/CFT framework remains robust and effective.

Government Commitment to Address Deficiencies

  • The government has committed to addressing these deficiencies and implementing further reforms to ensure its AML/CFT framework remains robust and effective.

Monitoring Progress

  • The country’s progress will continue to be monitored by the FATF, with a view to achieving full compliance with international standards.

Importance of Mutual Evaluation Reports

  • The mutual evaluation report is a critical tool for assessing countries’ AML/CFT efforts, providing guidance on best practices, and helping to prevent the misuse of financial systems for illicit purposes.