ROSEAU, Dominica, CMC – The Financial Intelligence Unit (FIU) says it seized over a quarter million dollars (One EC dollar=US$0.37 cents) last year.
FIU director Mickelson Ferrol said the unit effectively dealt with a series of cash seizure cases in collaboration with law enforcement authorities, including the Customs and Excise Division and the Dominica Police Force.
“The FIU had three cases with a cash value of 351,681 dollars; two of those cases were completed at the court, and the FIU also detained one cash seizure in the amount of EURO295,400 (One Euro=US$1.29 cents).
“It is indicative that in 2023, Dominica successfully obtained its first money laundering conviction. A Venezuelan national was convicted for money laundering and sentenced to two years in prison, and the sum of EURO$163,000 was forfeited to the state,” Ferrol said.
He praised the government for the amendments to the Money Laundering Prevention Act, which led to the first money laundering conviction.
Ferrol said since its inception in June 2001, the FIU has played a pivotal role in ensuring compliance with the Financial Action Task Force (FATF) 40 recommendations, and through active coordination, legislation review, and the development of national policies, the FIU has been a critical player in Dominica’s adherence to international standards.
He told reporters that during the review period, the FIU actively collaborated with other competent authorities concerning Dominica’s mutual evaluation conducted by the Caribbean Financial Action Task Force (CFATF).
The evaluation commenced on December 14, 2021, and was extended until the on-site visit by the team of assessors from August 15 to 28, 2022. Following debates and discussions at the fifth and sixth plenary and working group meeting held in Trinidad and Tobago from May 28 to June 1, 2023, the mutual evaluation report of Dominica was officially accepted, adopted, and subsequently published by both the FATF and the CFATF website in July 2023.
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