Financial Crime World

Dominica’s Financial Intelligence Unit: A Vital Partner in Fighting Crime and Terrorism

The Financial Intelligence Unit (FIU) in Dominica is the country’s premier agency for combating money laundering, terrorist financing, and other financial crimes. As a key player in the country’s financial landscape, the FIU plays a crucial role in detecting and preventing financial crimes, ensuring the integrity of Dominica’s financial system.

Establishment and Functions

The FIU was established by law in 2000 and operates under the umbrella of the Ministry of Justice, Immigration and National Security. It was transferred from the Ministry of Finance in 2015. According to Section 4 of the Financial Intelligence Unit Act No. 7 of 2011, the FIU’s powers and functions include:

  • Receiving, requesting, analyzing, investigating, and disseminating information regarding suspected proceeds of crime, suspicious transactions or activities, cash transportation reports, and other relevant data.
  • Exercising investigative powers to prevent and suppress terrorism under Section 20 of the Suppression of the Financing of Terrorism Act No. 3 of 2003.

International Standards and Membership

The FIU has a history dating back to July 23, 2001, when it began operations as a Unit within the Ministry of Finance. Since then, it has maintained international standards of operation through its membership in the Egmont Group, the global standard-setting body for Financial Intelligence Units (FIUs). The unit secured this membership in July 2003.

Headquarters and Contact Information

The FIU is headquartered at Corner of Turkey Lane and Independence Street, Roseau, Dominica. You can contact them via:

Conclusion

As a vital partner in the country’s financial landscape, the FIU plays a crucial part in detecting and preventing financial crimes. Its unique role ensures the integrity of Dominica’s financial system, making it an essential agency in the fight against money laundering, terrorist financing, and other financial crimes.