DOMINICA EYES STRONGER FINANCIAL SECTOR WITH TIGHTENED REGULATIONS

The Commonwealth of Dominica’s Financial Services Unit (FSU) is leading the charge in establishing a robust regulatory framework for its financial institutions. As the sole Financial Services Regulatory Authority in the country, the FSU is committed to maintaining the highest standards of governance and oversight.

Regulatory Framework

Headed by Director Claudius Lestrade, the FSU regulates a wide range of financial entities, including:

• Credit unions
• Insurance companies
• Offshore banks
• Money service businesses
• Development banks
• Building societies
• Gaming companies

Money Laundering Supervisory Authority (MLSA)

The FSU is also responsible for ensuring that all financial transactions are conducted with transparency and integrity. As the MLSA, the FSU plays a critical role in maintaining the integrity of Dominica’s financial services sector.

Regulatory Scope

The FSU’s regulatory scope extends to every aspect of Dominica’s financial services sector, with the exception of commercial banks and securities businesses. With a team of experienced professionals at its helm, the FSU is well-equipped to provide effective supervision and regulation of all financial institutions within its jurisdiction.

Protecting the Interests of Dominica’s Citizens

As one of the most stringent regulatory authorities in the Caribbean, the FSU is dedicated to protecting the interests of Dominica’s citizens and maintaining the country’s reputation as a trusted financial hub. With its robust regulatory framework and commitment to excellence, the FSU is poised to play a vital role in shaping the future of Dominica’s financial services sector.

The FSU’s efforts are expected to contribute significantly to the development of a stronger financial sector in Dominica, one that is characterized by transparency, integrity, and trust.