Four bills to be presented in Parliament today

first_img Share Attorney General Levi PeterThe Attorney General of Dominica Levi Peter has indicated that four new bills will be presented to Parliament at the Second Meeting of the Second Session of the Eighth Parliament today.Mr Peter who addressed the media at Cabinet’s press conference at the construction site of the new Dominica State College grounds said that since the 9/11 disaster in New York the financial action taskforce has introduced regulations in an effort to monitor any acts of money laundering and terrorism.“Since the atrocity for want of a better term in New York commonly referred to as 9/11, since that time the international financial systems has been significantly enhanced and indeed it has become quite difficult and indeed in many respects quite an onerous task has been placed upon the various countries of the world in particular small states like ours find compliance with the demands of the international bodies a significant challenge”.Mr Peter explained that four bills which will be presented to Parliament “the money laundering prevention bill of 2011, suppression of financing of terrorism amendment bill, the financial intelligence unit bill and the financial services unit amendment bill”.“The money laundering prevention bill as it suggests is primarily focused on addressing money laundering in its various forms and aspects. This bill will review the existing act which is in effect because there are extensive amendments and rather amend a new replacement bill is presented and will hopefully pass successfully through Parliament and become the new act.”The suppression of financing terrorism bill 2011, Mr Peter noted is intended to “address the deficiencies in the existing legislation so as to make it even more difficult for the financing of terrorism from our shores”. According to the Attorney General because we are parties to some of these international organizations we are not exempt from these regulations although we are smaller countries.“When the international bodies set up their rules that although we are parties to some of these organizations, essentially the major players are the larger countries and to a large extent the rules do not generally make exemptions or exclusions for smaller states like ours”.He further stated that it may be justifiable that no exemptions are made for smaller countries as “the primary objectives as regards financial regulation is to close the loopholes that are exploited by those who seek by inappropriate and unlawful, illegal means to enrich themselves and also to finance illegal activity, obvious example being terrorism and another being crime”. Dominica Vibes News Sharing is caring! Share 5 Views   no discussionscenter_img Share Tweet LocalNews Four bills to be presented in Parliament today by: – October 25, 2011last_img

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