Dominica Dominica

New Documents

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

The Financial Services Unit of Dominica issued a notice related to registration requirements under the Virtual Asset Business Act No. 1 of 2022.

News

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 | 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