Travelers to Dominica are now allowed to have up to US$10,000 in their possession without having to declare that amount. The information was disclosed by Minister for National Security and Legal Affairs Rayburn Blackmoore during the Second Meeting of the Second Session of the Eleventh Parliament of Dominica held on Monday.
Previously travelers to Dominica were required to declare money amounting to EC$10,000.
“Anyone who transports or attempt to transport cash in and out of Dominica exceeding 10,000 dollars or in any other amount prescribed under the regulation made under the this Act shall report the fact to the Financial Intelligence Unit, the FIU, at the prescribed time and in the prescribed manner,” he said. “The amount of 10,000 dollars Eastern Caribbean currency places Dominica way below the threshold recommended by the Organisation for Economic Cooperation and Development [OECD] and the financial action task force and can lead to tremendous frustration for legitimate business people who travel on a regular basis in and out of Dominica.”
Blackmoore explained that it is important to note how all of these elements, when examined carefully, can affect the ease of doing business in Dominica and can negatively influence Dominicans doing Business Score, which is a global rating that can determine investors’ interest in Dominica.
He further highlighted that this amendment of section 28:1 of the Money Laundering Prevention Act shall come into effect by simply placing United States (US) currency before the word ten thousand dollars.
“This Mr. Speaker will bring Dominica to the international standards as indicated by the OECD and the Financial Action Task Force,” Blackmoore noted. “It is also important to note Mr. Speaker that all our regional partners are away above that threshold.”
It is the right thing to do. While you’re at it, be smart legalize cannabis, let the industry get off its feet similar to many many other countries the youth need work, employment, it’s time for this economy to grow. Cut the nonsense.
😂😂😂😂👀👀👀👀
Wow. Why are we not seeing what they are doing? Or do we see but do not want to react? Or change? This is crazy…. They have taken our money and now giving permission to individuals that support them to carry it in? Our money can not go thought regular channels because of proper reporting financial information. People wake up please!
Why in this day and age, with so much modern tech. to facilitate race and transaction, that huge amounts of cash have to carried by someone to pay or buy for any service?
Whose fools are we? It is becoming much more difficult for them to transfer or move money about, given that the int. Financial agencies are closely monitoring their moves. 10 money mules moving US$10000 ea.= $100,000. The Campaign Finance regulations will never be put in place because of such acts.
The financial institutions require that the client fill a form declaring same.
I would like to know why banks and credit unions are scared to change or deposit even US$100 into my account. This is ridiculous. Our country needs to build our foreign reserves.
all laws these guys change are to benefit their ppl.. why dont you all review wages and so forth.. taxes etc.. seems u all choose what to compare with other nations .. compare health, standard of living etc… all i see is the mere idea of ease up for the boys and them…
There are no “business people who travel on a regular basis in and out of Dominica”… This is for the easier movement of funds by the government officials who take bribes and line their pocket.
SHAME ON ALL YOU!
The average citizen not going to be carrying $10k USD this is for you all to freely funnel your funds
I hope I can change it in the bank without problems cause I so sick of that Waco bank you going to london go in the bank to change money no question ask da its a hustle