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US names fourteen major money laundering countries in the region in latest report

WASHINGTON, USA — Fourteen nations in the wider Caribbean have been named by the US as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) released by the US State Department on Wednesday.
A major money laundering country is defined as one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking”.

Antigua and Barbuda
Antigua and Barbuda is an offshore centre that continues to be vulnerable to money laundering and other financial crimes. Its relatively large financial sector and internet gaming industry add to its susceptibility. According to the Antiguan Office of National Drug Control and Money Laundering Policy (AONDCP), the collaborative efforts between Antigua and Barbuda and United States law enforcement agencies have brought about a decrease in drug trafficking activity.

Dominican Republic
The Dominican Republic (DR) is not a major regional financial centre, despite having one of the largest economies in the Caribbean. The DR continues to be a major transit point for the transshipment of illicit narcotics destined for the United States and Europe. The six international airports, 16 seaports, and a large porous frontier with Haiti present Dominican authorities with serious challenges. Corruption within the government and the private sector, the presence of international illicit trafficking cartels, a large informal economy, and weak financial controls make the DR vulnerable to money laundering and terrorism financing threats.

Read full report on Caribbean News Now

March 7, 2016

Category: DR News |

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Last updated January 21, 2018 at 12:31 AM
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