New legislation to fight money laundering and financial terrorism

Dominica is making strides in its fight against money laundering and financial terrorism as four new pieces of legislation to curtail these offenses have been brought to the nation’s parliament.

At the Second Session of the Eighth Parliament which began on Tuesday and continued today, a Money Laundering Prevention Amendment and a Suppression of Terrorism Amendment were tabled while Financial Intelligence Unit (FIU) and Financial Services Unit (FSU) Amendments were also passed.

Prime Minister Roosevelt Skerrit told parliament that these bills will address a number of deficiencies in existing legislation.  According to him, all the bills are linked and seek “to strengthen the investigative and the prosecutorial arms of the state.”

Among the mentioned amendments, the FSU Bill will provide the FSU with the power to not only supervise banks finances but to monitor financial terrorism and money laundering within these institutions.

Under this law the FSU will be able to monitor bank transactions, ask questions about certain transactions with a view to investigate suspected money launderers and financial terrorists. The FSU would then refer the necessary information to the FIU. The FIU Act of 2011 was passed this morning.

The Money Laundering Prevention Act 2011, also tabled this morning, closely supports the FIU bill. According to the Prime Minister, the act is mainly focused on addressing the physical and material elements of the money laundering offense which include the freezing of the proceeds of crime without notice, the powers to identify and trace tainted property, voidable transfers, sharing of information and suspicious actions.

Attorney General Levi Peters told parliament that the act will give government the power to identified and trace tainted property among others.

He said it will ensure a secure financial infrastructure in Dominica.

“This bill is of paramount importance and it will address a number of deficiencies identified in the existing laws. Madam Speaker this bill seeks to repeal the previous 2000 act and tidy up the legislation in this area and keep it one source. This bill will ensure that we in this country and the wider international community are at all times protected by a robust secure and effective legislative framework and financial infrastructure,” he said.

Parliamentarians also debated an amendment of the Firearms Act.

 

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19 Comments

  1. Tony
    November 6, 2011

    Well I spent one week in Dominica during the Fest and I went to the National bank of Dominica to open an account with four thousand US dollars. I was told that I must be interviewed because of money laundering but they gave me a date of November 15th to be interviewed. I showed the clerk all my paperwork from the City Of New York pension section which easily established my annual income but they still refused to allow me to open an account. I would like to know why the government is allowing the banks to put such a road block in the way of individuals like me who just want to invest in Dominica. It was very easy for me to prove where my funds came from. I went to St Thomas and it took me two hours to open an account in Scotiabank. We must used common sence and improve the system in Dominica. (Love from NY).

    • Tony
      November 6, 2011

      Sorry for the TYPO it should be “Sense”.

  2. missionboy
    November 3, 2011

    i hope thay will hold the banks accountable when polticians go into your bank account & take what thay want for taxes thay say.

  3. bossla
    October 27, 2011

    hmmmm

  4. OH DEAR
    October 27, 2011

    to many laws that conveniently don’t work.

    cause there are drug smugglers(we all know them) who never work yet they are the ones with the big houses, expensive cars and boats who give the ministers boat rides on sundays in portsmouth and even entertain them in mahaut, some of them even give rentals during election time…

    just a thought

  5. C/bean Genius
    October 26, 2011

    I thought the law was suppose to be overseeing that crimes, whether financial or violent be investigated and punished accordingly?????

    Attorney General Levi Peters told parliament that the act will give government the power to identified and trace tainted property among others… NOTE- Will give Government the power

    Do you people see serious problems on the horizon for Dominicans? Open your EYES my people, before its too late!

    It is said that “A government in power shouldn’t pass laws that they cant live under when they becomes opposition.

  6. enlightened
    October 26, 2011

    Money laundering is a criminal act. Money laundering falls under corruption. It is an illegal act against the Constitution and Laws of Dominica. Many “Top’ officials in public Office all over the world have been involved in money Laundering or have facilitated that act and many have been caught.

    In many countries as well, because of their power, influence and protection many involved are not brought to justice. They behave like the UNTOUCHABLES. There are several examples of such corrupt practices right here which are condoned, irrespective of irrefutable facts and evidence revealed to the public. There are laws in Dominica that speaks to money laundering and the penalties for doing same. Investigations, Implementations are wanting.

    Alleged culprits, “BIG BOYS” are protected and defended in their criminal activities. What about the case where 42 charges of alledged fraud were filed? What about the matter of the firebombing of the Police officer’s home? The same one who is investigating money laundering as he revealed? Who may have been behind such heinous criminal acts? Although there are laws on the books as regards money laundering, yet implementation and willingness to investigate and prosecute leave much to be desired. Dominicans will not be fooled about hypocritical motives.

  7. rollingstone
    October 26, 2011

    If the bill is to be applied to everybody including ministers senior counsels well stockfarm prison need expansion

  8. time for truth
    October 26, 2011

    Mr Skeritt, here is a piece of advise I have for you: “Those who live in glass windows should not throw stones.” I hope this is clear enough sir.

  9. A Liberated Libyan
    October 26, 2011

    WOW! all you bold wee!

  10. DO AS YOU PLEASE
    October 26, 2011

    veeeiiii chou moin……I never get no briefcase of money from libya yerrrrrrr…

    mind me we!!!! heh heyyyyyy

  11. Bull Crap
    October 26, 2011

    This tell em nothing DNo. cause i see so many ways this can be abused. what are the criteria on which transaction are viewed. who over seas the departments responsible for this, that constitutes a financial terrorist. is the government allowed to view anyone banks account and transaction without for going to a process to determine violation of the law or are they going to use this as another way to spy on people that talk against against the government or people they dont like.

    I agree we have to fight crime but lets be real this is Dominica we talking about here. people don’t take a piss before determining if it s going to come out red, blue or green.

  12. MANG BOY
    October 26, 2011

    I wonder if this bill is part of the No law No Constitution declaration. Money Laundering !!!!!!!. If we want to catch the real money Launderers it would be prudent to have the commissioner do the work of the people without fear or favor. For example let the police investigate the over 6 million dollars that went through someone’s office – let the chips fall where they may and then we will believe that you and the police really want to curb money laundering in Dominica.
    As kids we played police “deyeer voleeer” now let it be” police dereeer avocar et politician.”

    NO NAME NO WARRANT –DNO I HOPE THAT ‘S “GOOD TO GO”

  13. Chakademus
    October 26, 2011

    Read carefully, if this becomes law Dominicans will have no privacy with respect to their business affairs. Government will know everybody’s business and have the power to freeze your assets without notice. Think about it.

    • DO AS YOU PLEASE
      October 26, 2011

      smell it and take it!!! say sa zor tay vlay…pwwwoooiii……the politicians too big for microscope….is titiwi that small and hard to see…..hahahahahahahahahah

    • LULZ
      October 26, 2011

      same *beep* i thinking. and the big problem is no opposition to voice concern cuz opposition too busy collecting tax payer money for no work

      • UNKNOWN
        October 27, 2011

        COME ON LETS GET REAL .. ALL AROUND THE WORLD THEY DOING THAT .. IN OTHER PLACES IN THE WORLD THEY DOING THAT AND EVEN WORST ..TOO MANY BUSINESS MEN DOMINICA HAVE FAT BANK ACCOUNTS AND THIER BUSINESS NOT EVEN MAKIN MONEY

  14. Buwo
    October 26, 2011

    So what is the UWP’s contribution to this very important legislation??………..ooops, I forgot. They walked out parliament. These things are not important to them.

    Hahahahahahahahaha

    • DO AS YOU PLEASE
      October 26, 2011

      why play a GAME you cant win?????…..the only way to win is not to play!!!!!!!!!!!!!!!!!!!

      hahahahahahahahaha

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