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Financial Services Unit to Screen for Money Laundering

by: - February 12, 2020
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                     Hon Minister for National Security, Rayburn Blackmoore

The Financial Services Unit is now a supervisory body that will screen for money laundering activity.

This takes effect with the amendment of the Money Laundering Prevention Act on Tuesday evening.

The Bill was tabled by the Hon Minister for National Security, Rayburn Blackmoore who said the changes will make Dominica compliant with international standards and a safer place for business and investment.

“[Section 7 of the former Act is repealed and replaced by this section which establishes the Financial Services Unit as a money laundering supervisory authority of financial institutions and persons…,” Hon Blackmoore said.

The amendment recognizes “the need for better enforcement as emphasized by the European Union. The Eastern Caribbean Central Bank has issued money laundering guidelines which are expected to complement the legislation in member states. Dominica has taken a stance to ensure that there is an authority dedicated to anti-money laundering activities.”

The amendment also allows for penalties levied on offenders to be paid into the national treasury.