Dominica Strengthens Anti-Money Laundering and Counter-Financing of Terrorism Regime

Enhancing Financial Crime Reporting Guidelines

The government of Dominica has taken significant steps towards strengthening its Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regime, in line with recommendations from the Financial Action Task Force (FATF). The efforts aim to prevent and detect financial crimes, including money laundering and terrorist financing.

Key Initiatives

• Financial Intelligence Unit (FIU): The FIU serves as the national agency responsible for receiving, requesting, analyzing, investigating, and disseminating information related to suspicious transactions.
• E-Filing System: A secure online platform that allows authorized users to submit reports electronically, enhancing the efficiency and accuracy of the reporting process.

Organization Structure within the FIU

The organization structure within the FIU ensures that activities are directed towards achieving its goals effectively. This is managed by key individuals who oversee various aspects of the unit’s operations.

Key Responsibilities

• Directorate: Oversees the overall direction and management of the FIU.
• Operations Unit: Responsible for receiving, analyzing, and disseminating information related to suspicious transactions.
• Investigation Unit: Conducts investigations into suspicious transactions and money laundering activities.

Government Commitment

The government remains committed to maintaining a robust AML/CFT regime, and citizens are encouraged to stay informed about the latest developments through regular updates from the FIU.