Dominica

New Documents

The Organization of American States released its 7th round Multilateral Evaluation Mechanism on Dominica’s progress meeting the requirements of the Inter-American Drug Abuse Control Commission Hemispheric Plan of Action on Drugs 2016-2020, including anti-money laundering measures.

The Eastern Caribbean Central Bank published its 2018-2019 Annual Report for the fiscal year ending March 31, 2019, which focuses on monetary stability and its application of the risk-based approach in combating money laundering and terrorist financing.

News

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Enforcement Actions

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Important Facts

  • The U.S. State Department labels Dominica as a major money laundering country. The country has an offshore financial services sector composed of 13 offshore banks, seven money service businesses, 10 credit unions, 16 insurance companies, one development bank, one internet gaming company, and an unknown number of trusts. The majority of money laundering cases in Dominica involve proceeds from the sale of narcotics and cybercrime. The State Department also identified the country’s geographical location and porous borders as raising the risks associated with narcotics trafficking. Dominica’s citizenship by investment program also allows individuals to obtain citizenship through a donation to the government’s Economic Diversification Fund of $100,000 for an individual or $200,000 for a family. Despite challenges, the State Department notes that Dominica made progress with its AML regime in 2020 and the country has no major deficiencies in legislation. Additionally, there has been effective collaboration among law enforcement agencies, leading to the seizure of $885,917 in criminal proceeds in 2020.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 5 Substantial :
Partially Compliant : 21 Moderate :
Non-Compliant : 21 Low :

BASEL i

Rank : 123/141
Score : 3.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 48/180
Score : 55/100

Tax Justice Network i

Rank : 118/133
Score : 74/100