Dominica’s Attorney General Hon. Levi Peter will make representation on Dominica’s behalf at the upcoming Financial Action Task Force (FATF) 40 plus nine recommendations plenary scheduled to take place from May 27-28th, 2013 in Nicaragua.
The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing. These recommendations increase transparency and enable countries to successfully take action against illicit use of their financial system.
Dominica’s Legal Affairs Minister Hon. Ian Douglas says Dominica’s participation is necessary as the island continues to position itself to be a valuable player in the financial services sector in the region.
“The plenary is where you go and report on your jurisdiction on what actions have been taken to continue to make the jurisdiction compliant with the requirements of the FATF. In Dominica’s case the Attorney General Hon. Levi Peter will represent Dominica at that plenary” he confirmed.
Minister Douglas noted that there are a number of recommendations that the FATF direct the jurisdictions to put in place to ensure their compliance.
He said it’s imperative that Dominica remains compliant.
“If you are non-compliant you become blacklisted and it really interferes and jeopardizes a country’s ability to continue to be a player in the financial services sector” Douglas argued.
The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction.
Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats.
The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances.