Financial Intelligence Unit (FIU)

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The Financial Intelligence Unit (FIU) in Dominica is the primary national agency responsible for the collection, analysis, investigation, and dissemination of financial information related to money laundering, terrorist financing, and other financial crimes.

About Financial Intelligence Unit

Financial Intelligence Unit in Dominica plays a crucial role in the fight against money laundering and terrorism financing. Established under the Money Laundering (Prevention) Act, it operates within the legal framework set by the Financial Intelligence Unit Act and the Suppression of the Financing of Terrorism Act. The FIU's responsibilities include receiving and requesting information about suspicious transactions, analyzing this data, and then disseminating their findings to relevant parties.

FIU's Mission and Vision

The mission of the FIU is to efficiently analyze financial information and investigate financial crimes, providing intelligence-led analysis to key stakeholders. Its vision is to be a professional and robust anti-money laundering and counter-financing of terrorism unit.

Functions and Responsibilities

The FIU's main functions revolve around dealing with suspicious transaction reports, cash transportation reports, and other relevant data concerning money laundering and associated predicate offenses. This includes the collection and analysis of financial information, conducting investigations, and disseminating findings to assist in preventing financial crimes.

FIUS's Legal Framework and International Standards

The FIU operates under a strong legal framework established by various acts, including the Money Laundering (Prevention) Act and the Financial Intelligence Unit Act. It also aligns with international standards, being a member of the Egmont Group since 2003, which sets the international standard for financial intelligence units.

Operational History

The FIU became operational in 2001, initially as a unit within the Ministry of Finance, and later transferred to the
Ministry of National Security and Legal Affairs in 2015. Throughout its history, the FIU has maintained high standards of operation in line with international best practices.