National Security Minister Rayburn Blackmoore in his bid to combat money laundering and the usage of proceeds of crime for nefarious activities has introduced a negating bill at the House of Assembly. When passed into law, the bill will eliminate money laundering and make it almost impossible to use the proceeds of crime for anything in Dominica.
Offenders are known to use the proceeds of crime to finance terrorism, engage in human trafficking, and smuggle drugs and guns. These crime-minded people also engage in cyber-crimes and online frauds and then use proceeds from such illegalities to purchase cars and houses.
Blackmoore said commercial banks have instituted security structures and mechanisms that will prevent banking frauds or using banks for online frauds. He also said that the Financial Services Unit (FSU) has now been empowered to screen organizations and private persons for money laundering activities.
The minister noted that Section A of the Money Laundering Prevention Act has been edited to empower the FSU as a money laundering supervisory authority. He noted that the Financial Investigation Unit has seized over $9 million of illegal money over the years. To this end, the agency will remit penalties levied on financial offenders into the national treasury. He added that this is necessary to make the FSU an enforcer of financial laws as provided for by the European Union.
“The Eastern Caribbean Central Bank has issued money laundering guidelines which are expected to complement the legislation in member states,” the honourable minister said. “Dominica has taken a stance to ensure that there is an authority dedicated to anti-money laundering activities.”
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