Dominica’s Financial Sector Under Stringent Regulations

Overview of the Financial Services Unit

The Financial Services Unit (FSU), a department of the Ministry of Finance in Dominica, serves as the sole regulatory authority for the country’s financial sector. As one of the most stringent regulatory bodies in the Caribbean, it oversees all types of financial institutions operating within its jurisdiction.

Meet the Director

According to Claudius Lestrade, Director of the Financial Services Unit:

“We welcome you to our organization and take pride in being a major player in ensuring the integrity of Dominica’s financial services sector.”

Regulated Entities

The FSU regulates a wide range of entities, including:

• Credit unions
• Insurance companies
• Offshore banks
• Money service businesses
• Development banks
• Building societies
• Gaming companies
• Other types of financial institutions

Anti-Money Laundering Efforts

The FSU is also responsible for supervising anti-money laundering efforts as the Money Laundering Supervisory Authority (MLSA).

Key Responsibilities

With a team of experienced professionals at its helm, the FSU plays a critical role in maintaining the stability and security of Dominica’s financial sector. Its regulatory oversight extends to all types of financial institutions except commercial banks and securities businesses.

Objectives

By implementing strict regulations and monitoring the activities of financial institutions, the Financial Services Unit aims to:

• Protect consumers
• Prevent financial crimes
• Maintain confidence in the country’s financial system