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 sector with a large international business company and internet gaming company presence. The majority of money laundering cases involve external proceeds from illicit sale of narcotics and cybercrime. Additionally, foreign nationals have used automated teller machines in Dominica to skim money from European bank accounts by exploiting security deficiencies. The State Department also identified the country’s geographical location and porous borders as raising the risks associated with narcotics trafficking. As of 2019, Dominica offshore sector hosts 17 offshore banks, two internet gaming companies, 10 credit unions, one development bank, 16 insurance agents, two insurance brokers, 19 insurance companies, 10 MSBs, and an unknown number of trusts,and ICBs. 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. Dominica has know-your-customer and suspicious transaction reporting regulations, and the country’s anti-money laundering legislation provides for enhanced due diligence measures for politically exposed persons.
-Source: 2020 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