Financial Crime World

Dominican Government Tightens Screws on Citizenship by Investment Programme

Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Measures

ROSEAU, DOMINICA - The government of Dominica has introduced new requirements for its citizenship by investment (CBI) programme to strengthen anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

New Requirements

Effective last month, all applicants must now conduct interviews as part of their application process. This move is seen as a significant step in enhancing transparency and accountability within the programme.

  • The decision was taken following a review of the CBI’s processes and procedures to ensure compliance with international standards and best practices.
  • The new requirement aims to address concerns about laxity on due diligence and anti-money laundering measures.

Background Checks

The government has emphasized that its decision to impose visa requirements on citizens from five Caribbean countries (Dominica, Antigua and Barbuda, Grenada, Saint Lucia, and St. Kitts and Nevis) was taken for “migration and border security reasons” and not a sign of poor relations with these countries.

Program History

The Dominican government’s CBI programme has been in operation since 1984, making it one of the oldest such programmes in the world. In recent years, Dominica has emerged as a popular destination for high-net-worth individuals seeking citizenship through investment.

Concerns and Criticisms

However, the programme has faced criticism from some quarters over concerns about its laxity on due diligence and anti-money laundering measures.

Enhanced Due Diligence

The new requirements aim to address these concerns by introducing more stringent checks on applicants’ backgrounds and financial transactions. The interviews will be conducted by a review panel appointed by the Minister of Finance, who may also request additional information or documentation from applicants.

International Cooperation

In addition to the interview requirement, the government has increased its efforts to ensure compliance with international standards on AML/CFT. This includes cooperation with other countries and international organizations, such as the Financial Action Task Force (FATF), to share intelligence and best practices.

Enhancing Reputation

The move is seen as a significant step forward in enhancing Dominica’s reputation as a responsible and transparent financial centre.