Kenneth Rijock

Kenneth Rijock

Monday, February 6, 2017

HAS MONEY TRANSMITTER RATED DOMINICA AS A MONEY LAUNDERING/TERRORIST FINANCING HIGH RISK JURISDICTION ?


A report, from a highly reliable Dominican source, claims that one of the world's largest international money transmitters has designated the Commonwealth of Dominica as high risk for money laundering, and terrorist financing. This act may have come as the direct result of recent regulatory civil penalties, involving deficiencies in its money laundering program, or due to the negative publicity that Dominica has sustained recently, regarding its diplomatic passport program.

Whether this designation will result in increased scrutiny over attempts, by Dominicans abroad, to remit funds home, or others to send substantial funds out of the country, we cannot say, at this time, but it may result in increased use of international and domestic banks, located within Dominica. to wire funds. Individuals who regularly receive funds from family members working abroad may want to quickly advise those who remit to them of the possibility that alternative routes may be necessary.




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