Dominica Takes Center Stage in Fight Against Financial Crime

Ensuring Inclusive Financial System through Stringent Regulations

The Financial Services Unit (FSU) of Dominica is leaving no stone unturned in its bid to ensure financial inclusion and prevent financial crime. As the sole regulatory authority in the country, the FSU has earned a reputation as one of the most stringent regulatory authorities in the Caribbean.

Regulatory Responsibilities

Led by Director Claudius Lestrade, who warmly welcomed visitors to the FSU’s headquarters, “Welcome to the Financial Service Unit of the Commonwealth of Dominica,” the agency is responsible for regulating a wide range of financial institutions, including:

• Credit unions
• Insurance companies
• Offshore banks
• Money service businesses
• Development bank
• Buildings and loans societies
• Gaming companies
• Other financial entities

Preventing Financial Crime

As the Money Laundering Supervisory Authority (MLSA), the FSU plays a critical role in preventing financial crime, ensuring that all financial transactions are legitimate and transparent. With its team of experienced professionals, the authority is well-equipped to oversee the entire financial services sector in Dominica, with the exception of commercial banks and securities business.

Recognition as a Major Player

The FSU’s efforts have earned it recognition as a major player in the fight against financial crime, making it an attractive destination for businesses looking to operate in a safe and secure environment. This reputation has made Dominica a sought-after location for companies seeking to establish a presence in the Caribbean.

By maintaining its stringent regulatory standards, the FSU ensures that all financial institutions operating in Dominica are held to high standards of integrity and transparency, ultimately contributing to a more inclusive financial system.