Dominica Fights Money Laundering
ROSEAU, Dominica (AP) _ Passage of a proposed law to fight money laundering should be enough to get Dominica off an international blacklist, the tiny Caribbean country’s attorney general said Saturday.
Dominica is one of 19 countries that the Paris-based Financial Action Task Force, a group set up by the United states and other industrial powers, deems uncooperative in combating money laundering.
The proposed law would allow foreign authorities access to information from the island’s offshore banking sector. Parliament will vote on it this year, Attorney General David Bruney said.
The opposition has protested the legislation, saying it grants foreign authorities too much power over banking, but the ruling coalition has a majority in Parliament.
Investors often choose offshore jurisdictions like Dominica because of secretive banking laws that protect privacy. Offshore banking is an important source of revenue on the poor island of 70,000 people.