Dominica’s FIU reports cash seizures from criminals in 2023

Dominica’s Financial Intelligence Unit (FIU) has reported a series of significant cash seizures from criminal activities over the past year. 

Under the leadership of FIU director Mckelson Ferrol, the unit has taken decisive action in collaboration with various law enforcement agencies, including the Customs and Excise Division and the Dominica Police Force. 

The FIU’s efforts have resulted in substantial financial disruptions to criminal operations and a historic money laundering conviction.

Effective Collaboration with Law Enforcement

The FIU’s diligent efforts in 2023 led to the seizure of substantial sums of money from illicit sources. 

It was reported that with three major cases in focus, the unit managed to confiscate EC$351,681, successfully concluding two of these cases in court. 

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Additionally, the FIU detained a significant cash seizure totaling €295,400. 

Landmark money laundering conviction

Ferrol said that Dominica secured its first-ever money laundering conviction in 2023. 

A Venezuelan national was found guilty of money laundering and subsequently sentenced to a two-year prison term. Moreover, a substantial sum of €$163,000 was forfeited to the state. 

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FIU director Ferrol lauded the government’s role in achieving this milestone, attributing the success to amendments made to the Money Laundering Prevention Act.

Upholding international standards

Since its establishment in June 2001, the FIU has played a pivotal role in ensuring Dominica’s compliance with the Financial Action Task Force’s (FATF) 40 recommendations. 

Through active coordination, legislative reviews, and the formulation of national policies, Ferrol said that the FIU has consistently upheld international standards. 

He highlighted the agency’s collaboration with other competent authorities during Dominica’s mutual evaluation conducted by the Caribbean Financial Action Task Force (CFATF).

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