Financial Crime World

Dominica’s Financial Services Unit: A Pillar of Stringent Regulation and Compliance in the Caribbean

The iconic Cabrits National Park overlooking the Caribbean Sea, with a caption emphasizing Dominica’s commitment to financial compliance.

Welcome to the Commonwealth of Dominica, an island nation in the heart of the Caribbean renowned for its unspoiled natural beauty and robust financial sector. At the helm of Dominica’s financial services industry is the Financial Services Unit (FSU), the sole regulatory authority responsible for overseeing the jurisdiction’s credit unions, insurance companies, offshore banks, money service businesses, development bank, buildings and loans societies, gaming companies, and other financial entities.

Featured Article: A Warm Welcome from Mr. Claudius Lestrade, Director of the Financial Services Unit

“Welcome to the Financial Service Unit of the Commonwealth of Dominica.” – Mr. Claudius Lestrade, Director of the Financial Services Unit

Regulation and Supervision

As a department of the Ministry of Finance, the FSU is the most stringent regulatory authority in the Caribbean. Its mandate spans the entire financial services sector in Dominica – all institutions except commercial banks and securities businesses. The FSU takes pride in its comprehensive supervision and regulation, acting as the Money Laundering Supervisory Authority (MLSA) for the jurisdiction.

  • Mandate: Overseeing the financial services sector in Dominica, including credit unions, insurance companies, offshore banks, money service businesses, development bank, buildings and loans societies, gaming companies, and other financial entities
  • Comprehensive Supervision: Regulating and supervising the entire financial services sector, with the exception of commercial banks and securities businesses
  • Money Laundering Supervisory Authority: Acting as the MLSA for the jurisdiction

Expertise and Professionalism

The FSU is led by a dedicated team of experienced professionals who put their expertise to use in maintaining the highest standards of financial compliance in Dominica. Under the auspices of the Ministry of Finance, the Authority’s mission is to ensure a well-regulated, stable, and prudently managed financial services sector.

“Our mission is to ensure a well-regulated, stable, and prudently managed financial services sector in the Commonwealth of Dominica.” – Financial Services Unit

Comprehensive Oversight

The scope of the FSU’s responsibilities is far-reaching, ensuring the soundness and stability of all financial institutions within the jurisdiction. By providing consistent, efficient, and transparent regulatory oversight, the Authority fosters an environment that inspires confidence among investors, stakeholders, and the international community.

“Through our stringent regulatory framework and commitment to transparency, we ensure that Dominica remains an attractive hub for financial services in the Caribbean, while maintaining the highest levels of financial compliance.” – Financial Services Unit

Responsibilities of the FSU

  1. Overseeing the soundness and stability of all financial institutions within the jurisdiction
  2. Providing consistent, efficient, and transparent regulatory oversight
  3. Fostering an environment that inspires confidence among investors, stakeholders, and the international community

Key Regulatory Framework for Dominica’s Financial Institutions

  1. Anti-Money Laundering and Countering the Financing of Terrorism regulations
  2. Banking Act
  3. Building Societies Act
  4. Companies Act
  5. Credit Union Act
  6. Development Financing Corporation Act
  7. Insurance Act
  8. International Business Companies Act
  9. Mortgage Brokers and Finance Companies (Licensing and Supervision) Act
  10. Money Transfer Services Act
  11. Mutual Funds and Investment Services Act
  12. Companies Regulations
  13. Banking Regulations
  14. Credit Union Regulations
  15. Building Societies Regulations
  16. Insurance Regulations
  17. International Business Companies Regulations
  18. Mortgage Brokers and Finance Companies (Licensing and Supervision) Regulations
  19. Money Transfer Services Regulations
  20. Mutual Funds and Investment Services Regulations

International Cooperation and Compliance

The FSU works closely with various international organizations, regulatory bodies, and tax information exchange agreements, ensuring compliance with international standards.

  1. Organization for Economic Co-operation and Development
  2. Financial Action Task Force
  3. The Caribbean Financial Action Task Force
  4. Eastern Caribbean Central Bank
  5. World Bank Group

Continuing the Conversation: Essential Role and Commitment to Financial Compliance in the Caribbean

Join us as we delve deeper into the essential role of the Dominica Financial Services Unit and its commitment to upholding financial compliance standards in the Caribbean. Stay tuned for more updates and insights.