The Government of Dominica, through the Ministry of Justice, Immigration and National Security held a one-day sensitization workshop on Thursday, May 5th to begin a National Risk Assessment for Money Laundering and Terrorism Financing.
This is part of efforts to ensure that Dominica complies with the Financial Action Task Force (FATF), the international organization which develops policies to combat money laundering.
“This exercise will seek to guide Dominica in assessing its money laundering and terrorist financing risks with a view to helping the jurisdiction use the information to design a more effective and risk-based anti-money laundering and combating terrorism regime,” explained Permanent Secretary in the Ministry of National Security, Davis Letang.
Hon. Minister for Justice, Immigration and National Security, Rayburn Blackmoore says this will ensure that Dominica has a robust financial system.
The Minister lauded the work of the Dominica Labour Party Administration which got Dominica taken off the financial blacklist in 2001 by developing policies and making legislative amendments.
This includes the establishment of the Financial Intelligence Unit.
He says however there is much more to be done.
“It is important that we do what is required of us and no one should be allowed to defile us. In the final analysis, I think that we have done so well,” he said.
To further strengthen the work of the Financial Intelligence Unit, the Minister for Justice disclosed that a Director and Legal Officer will be appointed.
Hon. Attorney General, Levi Peter, who is also Chairman of the Advisory Committee on Money Laundering agrees that this assessment is necessary to prevent Dominica from being placed on “the negative list.”
“It is a critical exercise for e security of our own financial system. It is also critical to continued proper and full participation of this jurisdiction in the regional and international financial systems,” he began. “It is critical that we ensure that our system is functional in a way which complies with the requirements of the regional and international financial systems so that we secure our corresponding banking arrangements but also ensure that we keep Dominica out of the clutches of the negative listing.”
The Hon Attorney General intends to table amendments to the Proceeds of Criminal Activity Act and the Money Laundering Act in Parliament soon.
Participants of the workshop included stakeholders from financial and non financial institutions of the private sector.
The National Risk Assessment is being funded by the World Bank at a cost of US $150,000.
