Financial Crime World

Whistleblower Protections Crucial for Financial Crime Investigations in Dominica

A recent investigation by the Government Accountability Project, in partnership with international organizations, has exposed a Citizenship by Investment program in Dominica that enables white-collar criminals to evade sanctions and consequences. The program, which grants EU and UK access through Dominican passports, has become a haven for fugitives seeking to restart their businesses with impunity.

Exposing Financial Crimes

The investigation revealed several high-profile cases of individuals accused of financial crimes, including:

  • Ching-Yi Hsieh and Pai-Hung Wang, who allegedly duped investors and fled Taiwan with Dominican passports.
  • Mehdi Ebrahimi Eshratabadi, who obtained a Dominican passport despite being pursued by Interpol and his home country of Iran.

Lack of Due Diligence

The program’s lack of due diligence has raised concerns about public corruption and the capture of state institutions. Local whistleblowers and activists are afraid to speak out against program problems, citing fear of retaliation.

Conflicts of Interest

The investigation also highlighted conflicts of interest between government officials and private passport brokers, including:

  • Anthony Haiden, who engineered and perpetuated the Citizenship by Investment strategy.
    • His company handled construction projects for Dominica’s Prime Minister, raising questions about corruption and the Prime Minister’s relationship with private interests.

Calls for Reform

The Government Accountability Project is calling for greater transparency and accountability in Dominica’s financial transactions, as well as stronger whistleblower protections to prevent further abuse of the program. International media organizations are also weighing in, naming issues and making recommendations for reform.

Conclusion

As the investigation continues, it remains unclear whether change will come to Dominica’s dysfunctional landscape. However, external pressure and exposure may ultimately bring the country’s misguided revenue strategy to heel.