The Government of Dominica announces the launch of Dominica’s National Risk Assessment (NRA) and Sensitisation Workshop on May 5, 2016 at the Fort Young Hotel.
The Government is firmly of the view that a vibrant, well-regulated and effective local, regional and international financial system is critical for the continued financial stability, wellbeing and development of the citizenry and the country.
As such, the workshop is part of the country’s commitment to maintain full compliance with the Financial Action Task Force/Caribbean Financial Action Task Force (FATF/CFATF) obligations in order to ensure that the FATF 40 Recommendations are fully and effectively implemented; and that Dominica’s anti-money laundering and counter-financing of terrorism (AML/CFT) regime is robust and serves as a deterrent to money launderers, financiers of terrorism and other criminal elements.
Recommendation 1 of the new FATF 40 Recommendations mandates that every jurisdiction must take effective action to fully identify, assess and understand the money laundering and terrorist financing risk that it faces.
Accordingly, the NRA will address the assessment of the risks and the application of resources in an effort to ensure that the risks are mitigated effectively. Based on that assessment, Dominica will be required to apply a Risk Based Approach (RBA) to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified.
The new 40 recommendations also call for a greater involvement by both public and private sector bodies in the conduct of the NRA as such the new Working Groups that will be formed to spearhead this process will consist of technicians from key stakeholder institutions and businesses with technical assistance from a team of specialised officers from the World Bank.
Among the speakers down to address the workshop are Minister for Justice, Immigration and National Security Honourable Rayburn Blackmoore and Attorney General Levi Peter.
The event will start at 9:00am at the Fort Young Hotel.
Yet another ‘workshop’. Talk, talk, talk, talk, talk and more talk.
These two speakers apart from being former police officers have credibility in addressing anything to do with financial security. The biggest risk to the local finace is the obsessive compulsive minister of finance with a degree in Psychology. Here are my list of financial waste. Abandonment of the 100 plus million spent for new airport by previous regime, layou river hotel waste, airport renaming and upgrade waste, exploration drilling 50 mil, 8mil donation to liat/antigua, red clinic, un accounted payments to petro carib, NEP, 4 million lost by national bank, total of overly priced single bid contracts, funds spent on partying for ground breaking (add in tripple the funds for the festivals if and when these structures are built), appointment of friends as diplomsts advisors, and expert researchers to do task of established ministries, and a welfare system on credit ballooning the national debt. These my friends are the main cause of financial instability.
Meant no credibility. I did not even mention stagnant wages in the face of constant inflation, and lack of manufacturing and export.