The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
The Government of Dominica, through the Ministryof Justice, Immigration and National Security held a one-day sensitizationworkshop on Thursday, May 5th to begin a National Risk Assessmentfor Money Laundering and Terrorism Financing.
This is part of efforts to ensure that Dominicacomplies with the Financial Action Task Force (FATF), the internationalorganization which develops policies to combat money laundering.
“This exercise will seek to guide Dominica inassessing its money laundering and terrorist financing risks with a view tohelping the jurisdiction use the information to design a more effective andrisk-based anti-money laundering and combating terrorism regime,” explainedPermanent Secretary in the Ministry of National Security, Davis Letang.
Hon. Minister for Justice, Immigration andNational Security, Rayburn Blackmoore says this will ensure that Dominica has arobust financial system.
The Minister lauded the work of the DominicaLabour Party Administration which got Dominica taken off the financialblacklist in 2001 by developing policies and making legislativeamendments.
This includes the establishment of the FinancialIntelligence Unit.
He says however there is much more to be done.
“It is important that we do what is required ofus and no one should be allowed to defile us. In the final analysis, I thinkthat we have done so well,” he said.
To further strengthen the work of the FinancialIntelligence Unit, the Minister for Justice disclosed that a Director and LegalOfficer will be appointed.
Hon. Attorney General, Levi Peter, who is alsoChairman of the Advisory Committee on Money Laundering agrees that thisassessment is necessary to prevent Dominica from being placed on “the negativelist.”
“It is a critical exercise for e security of ourown financial system. It is also critical to continued proper and fullparticipation of this jurisdiction in the regional and international financialsystems,” he began. “It is critical that we ensure that our system isfunctional in a way which complies with the requirements of the regional andinternational financial systems so that we secure our corresponding bankingarrangements but also ensure that we keep Dominica out of the clutches of thenegative listing.”
The Hon Attorney General intends to tableamendments to the Proceeds of Criminal Activity Act and the Money LaunderingAct in Parliament soon.
Participants of the workshop includedstakeholders from financial and non-financial institutions of the privatesector.
The National Risk Assessment is being funded by the World Bank at a cost ofUS $150,000.