Dominica’s Monetary Intelligence Unit (FIU) has reported a collection of serious money seizures from felony actions over the previous 12 months.
Beneath the management of FIU director Mckelson Ferrol, the unit has taken decisive motion in collaboration with varied legislation enforcement companies, together with the Customs and Excise Division and the Dominica Police Power.
The FIU’s efforts have resulted in substantial monetary disruptions to felony operations and a historic cash laundering conviction.
Efficient Collaboration with Legislation Enforcement
The FIU’s diligent efforts in 2023 led to the seizure of considerable sums of cash from illicit sources.
It was reported that with three main instances in focus, the unit managed to confiscate EC$351,681, efficiently concluding two of those instances in courtroom.
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Moreover, the FIU detained a big money seizure totaling €295,400.
Landmark cash laundering conviction
Ferrol stated that Dominica secured its first-ever cash laundering conviction in 2023.
A Venezuelan nationwide was discovered responsible of cash laundering and subsequently sentenced to a two-year jail time period. Furthermore, a considerable sum of €$163,000 was forfeited to the state.
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FIU director Ferrol lauded the federal government’s position in reaching this milestone, attributing the success to amendments made to the Cash Laundering Prevention Act.
Upholding worldwide requirements
Since its institution in June 2001, the FIU has performed a pivotal position in guaranteeing Dominica’s compliance with the Monetary Motion Job Power’s (FATF) 40 suggestions.
By energetic coordination, legislative opinions, and the formulation of nationwide insurance policies, Ferrol stated that the FIU has persistently upheld worldwide requirements.
He highlighted the company’s collaboration with different competent authorities throughout Dominica’s mutual analysis performed by the Caribbean Monetary Motion Job Power (CFATF).
