Dominica Dominica

New Documents

Four Caribbean Countries Agree to Tighten Citizenship by Investment Programs

The leaders of Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis signed a memorandum of agreement to strengthen rules for their Citizenship by Investment Programs and raise the minimum investment threshold to at least $200,000 by June 30, 2024.

April 3, 2024

CFATF Publishes Mutual Evaluation Report on AML/CTF Measures of Dominica

The Caribbean Financial Action Task Force published a mutual evaluation report covering the anti-money laundering and counterterrorist financing measures in effect in Dominica.

July 27, 2023

Dominica Reminds Public of Registration Requirements for Virtual Currencies

March 21, 2023

OAS Reports on Dominica’s Progress Meeting CICAD Drug Trafficking Plan, Including AML Efforts

September 4, 2019

Eastern Caribbean Central Bank Publishes 2018-2019 Annual Report

July 3, 2019

News

FATF Turns Sights Towards ‘Golden Passports’

A global anti-financial crime group’s recent criticism of “golden passports” suggests it will evaluate the controls nations have placed around them going forward, analysts told ACAMS moneylaundering.com, without necessarily updating its standards to account for them.

December 12, 2023

Enforcement Actions

0 Items Found

Key Documents

Dominica Amends Money Laundering Prevention Act

May 21, 2013

Dominica Amends Counterterrorism Financing Act

May 21, 2013

Dominica Amends Proceeds of Crime Act

May 21, 2013

Dominica Amends Regulation Concerning Money Laundering Prevention

May 13, 2013

Dominica Enacts Legislation to Prevent, Penalize Transnational Organized Crime

May 21, 2013

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 | 2013 Methodology

Technical Effectiveness
Compliant : 16 High : 0
Largely Compliant : 17 Substantial : 2
Partially Compliant : 6 Moderate : 6
Non-Compliant : 1 Low : 3

BASEL i

Rank : 123/141
Score : 3.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 48/179
Score : 55/100

Tax Justice Network i

Rank : 118/133
Score : 74/100