Financial Regulatory Bodies in Dominica Exert Stringent Oversight Over Financial Institutions

Ensuring Stability and Transparency in the Financial Sector

In its pursuit to maintain a stable and transparent financial sector, the Commonwealth of Dominica’s Financial Services Unit (FSU) has established itself as one of the most stringent regulatory authorities in the Caribbean. Led by Director Claudius Lestrade, the FSU regulates all financial institutions operating within the country’s borders.

Regulatory Oversight

As a department of the Ministry of Finance, the FSU exercises oversight over a wide range of financial entities, including:

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

Key Responsibilities

The authority also serves as the Money Laundering Supervisory Authority (MLSA), responsible for detecting and preventing illicit financial activities.

Regulatory Approach

Comprising a team of experienced professionals, the FSU is responsible for:

• Supervising and regulating all financial institutions within Dominica’s jurisdiction, with the exception of commercial banks and securities businesses.
• Ensuring that financial institutions operate in a fair, transparent, and sustainable manner, thereby maintaining public trust and confidence in the sector.

Robust Regulatory Framework

The FSU’s comprehensive regulatory framework has earned it a reputation as one of the most stringent authorities in the Caribbean, providing a safe and secure environment for financial transactions and investment.