In order to appease the Paris based Financial Action Task Force (FATF), which in September included the country in a 19-strong list of territories considered uncooperative in the fight against money laundering, Dominica has passed a new anti-money laundering law designed to secure its removal from the blacklist when the multilateral organisation meets again in February.
Passed in late December, the bill should: 'meet and satisfy the internationally accepted standards set by the Financial Action Task Force,' according to Prime Minister, Pierre Charles. The Exchange of Information Act contains the framework for a regulatory authority to handle requests for assistance, and allows foreign authorities to access information regarding the jurisdiction's offshore trusts, banks, and companies.
However, the path of the bill has not been a smooth one, and the Dominica Bar Association and the Opposition have both protested the legislation, arguing that it grants too much power over the banking sector- which is an important source of revenue for the island's population of 70,000- to foreign authorities.
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