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Dominica Falls Into Line With OECD Requirements

Mike Godfrey, Tax-news.com, New York

29 August 2000

Dominica will introduce money-laundering legislation and will amend existing offshore legislation, in an attempt to conform with international standards and cancel its blacklisting by the Financial Action Task Force, the OECD's pressure group on money-laundering.

Finance Minister Ambrose George held a news conference on Friday at which he announced the measures, saying that he planned to meet the FATF in Washington in September to put the country's case for a removal from the blacklist.

The Finance Minister seemed to say that he was complying with precise instructions from the FATF: 'A number of measures were indicated which government would have to demonstrate, that those measures would have to be put into effect with respect to our offshore financial services, to put us on a par with international standards as required, and to demonstrate our compliance with international standards as far as offshore financial services are concerned.'


Dominica was among 15 nations including five Caribbean states listed by the FATF last June, as being unco-operative in the international fight against money laundering; the country and was also included on the OECD list of 35 offshore jurisdictions offering harmful tax competition.

Along with the other 14 FATF countries, Dominica is the subject of 'Advisories' issued by a number of members of the OECD to their financial institutions, warning them to scrutinise transacxtions involving Dominican banks.

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