Dominica Proposes Anti-Money Laundering Law

by Amanda Banks, Tax-News.com, London

11 September 2001

The Attorney General of Dominica announced recently that the Caribbean country would be enacting new legislation designed to secure the country's removal from the updated Financial Action Task Force blacklist of countries deemed 'uncooperative' in the fight against money laundering, issued on Friday.

David Bruney told the Associated Press that the new law, if passed, will allow foreign authorities access to information from the island's offshore banking sector, and will be voted on in Parliament sometime in the next year.

It doesn't look as if it will be an easy ride, however, as the opposition have protested at the legislation, declaring that it grants foreign authorities too much power over the offshore banking sector, which is of fundamental importance to the small island nation. However, at present the ruling coalition has a majority in Parliament.

Also included on the list, which was decided upon after a week of negotiations in Paris, were: Ukraine, Grenada, Russia, the Cook Islands, Dominica, Egypt, Guatemala, Hungary, Indonesia, Israel, Lebanon, the Marshall Islands, Myanmar, Nigeria, Niue, St. Kitts and Nevis and St. Vincent and the Grenadines. FATF President, Clarie Lo said that the FATF would next meet in Hong Kong in February, and hoped to be able to remove several countries from the blacklist.

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