ROSEAU, Dominica, CMC – The Monetary Intelligence Unit (FIU) says it seized over 1 / 4 million {dollars} (One EC greenback=US$0.37 cents) final yr.
FIU director Mickelson Ferrol stated the unit successfully handled a sequence of money seizure circumstances in collaboration with legislation enforcement authorities, together with the Customs and Excise Division and the Dominica Police Drive.
“The FIU had three circumstances with a money worth of 351,681 {dollars}; two of these circumstances have been accomplished on the courtroom, and the FIU additionally detained one money seizure within the quantity of EURO295,400 (One Euro=US$1.29 cents).
“It’s indicative that in 2023, Dominica efficiently obtained its first cash laundering conviction. A Venezuelan nationwide was convicted for cash laundering and sentenced to 2 years in jail, and the sum of EURO$163,000 was forfeited to the state,” Ferrol stated.
He praised the federal government for the amendments to the Cash Laundering Prevention Act, which led to the primary cash laundering conviction.
Ferrol stated since its inception in June 2001, the FIU has performed a pivotal position in guaranteeing compliance with the Monetary Motion Activity Drive (FATF) 40 suggestions, and thru lively coordination, laws evaluation, and the event of nationwide insurance policies, the FIU has been a crucial participant in Dominica’s adherence to worldwide requirements.
He instructed reporters that through the evaluation interval, the FIU actively collaborated with different competent authorities regarding Dominica’s mutual analysis carried out by the Caribbean Monetary Motion Activity Drive (CFATF).
The analysis commenced on December 14, 2021, and was prolonged till the on-site go to by the group of assessors from August 15 to twenty-eight, 2022. Following debates and discussions on the fifth and sixth plenary and dealing group assembly held in Trinidad and Tobago from Might 28 to June 1, 2023, the mutual analysis report of Dominica was formally accepted, adopted, and subsequently printed by each the FATF and the CFATF web site in July 2023.
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