Title: Dominica’s Financial Services Unit: A Stringent Regulator in the Caribbean

Interview with Claudius Lestrade, Director, Financial Services Unit, Commonwealth of Dominica

Welcome to the Financial Service Unit of the Commonwealth of Dominica

Mr. Claudius Lestrade, Director of the Financial Services Unit (FSU) in the Commonwealth of Dominica, extends a warm welcome to readers:

Welcome to the Financial Service Unit of the Commonwealth of Dominica.

Role and Responsibilities of the Financial Services Unit (FSU)

As the sole Financial Services Regulatory Authority in Dominica, the FSU is renowned for its stringent regulations within the Caribbean. The unit is affiliated with the Ministry of Finance and assumes a vital role in regulating and supervising various financial sectors:

Credit Unions
Insurance Companies
Offshore Banks
Money Service Businesses
Development Bank
Buildings and Loans Societies
Gaming Companies
Other Financial Entities

Additionally, the FSU functions as the Money Laundering Supervisory Authority (MLSA).

Team and Expertise at the FSU

““Under the auspices of the Ministry of Finance, our team at the Financial Services Unit consists of experienced professionals dedicated to regulating and supervising the entire Financial Services Sector in Dominica,”” Mr. Lestrade explains.

The jurisdiction of the FSU covers nearly all aspects of Dominica’s financial sector, excluding:

Commercial Banks
Securities Businesses

The Authority’s responsibility encompasses the supervision and regulation of all financial institutions within the jurisdiction, ensuring a robust and secure financial environment for residents and investors alike:

““Our aim is to create a regulatory climate that fosters growth and innovation while maintaining the higher standards necessary for financial compliance and security,”” Mr. Lestrade adds.