Dominica has updated its cash declaration policy, allowing travelers to carry up to US$10,000 without reporting. Any amount exceeding this threshold, or other amounts set under the Money Laundering Prevention Act regulations, must be reported to the Financial Intelligence Unit (FIU).
Previously, travelers were required to declare cash exceeding EC$10,000, a limit that was significantly below international standards recommended by the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF). This outdated regulation often caused frustration for business operators and frequent travelers moving legitimate funds.
The recent amendment to Section 28:1 of the Money Laundering Prevention Act specifies US$10,000 as the new threshold. This change aims to simplify cash transport regulations and align Dominica’s policies with global standards while enhancing the ease of doing business.
The adjustment is expected to positively impact Dominica’s business climate and improve the country’s global Doing Business score, which is crucial for attracting investors. Travelers who carry cash exceeding the US$10,000 limit are now required to report this to the FIU in the manner prescribed under the Act.
Dominica’s updated policy also brings the country in line with regional partners who already operate with higher cash declaration thresholds. This move positions Dominica to remain competitive while complying with international financial regulations.
By implementing this change, the government seeks to balance business efficiency with financial accountability, ensuring legitimate travelers benefit while maintaining oversight of cash movements.
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