Dominica’s Financial Services Unit receives the 2024 Financial Services Regulatory Authority of the Year honor

FSU team

The Financial Services Unit (FSU) of Dominica has been honored with the distinguished Wealth and Finance International Award, being named the Financial Services Regulatory Authority of the Year 2024 for the Caribbean region. This accolade, says a statement from the Finance Ministry, underscores the FSU’s commitment to achieving regulatory excellence and its efforts to fortify Dominica’s financial services industry while promoting compliance with international standards.

The Wealth and Finance International Award seeks to acknowledge organizations that exhibit exemplary performance in financial regulation along with demonstrating skill, innovation, and success in providing trustworthy and reliable financial services to their clientele. The FSU of Dominica was reportedly selected for this recognition due to its comprehensive regulatory frameworks, proactive monitoring, and effective enforcement strategies that bolster the credibility of the country’s financial services sector on both regional and global scales.

As the sole regulatory authority overseeing financial services in Dominica, the FSU is responsible for a diverse range of institutions, including credit unions, insurance providers, offshore banks, Forex companies, and various other financial entities and service providers.

Claudius Lestrade, the Director of the FSU, remarked that this award acknowledges the unit’s achievements in promoting transparency, fighting financial crimes, and implementing policies tailored to foster a stable financial environment. Lestrade stated, “We strive to foster an internationally competitive financial services industry and aim to enhance Dominica’s financial services sector while protecting consumer interests. Integrity and transparency guide our operations and we are dedicated to serving clients with honesty as a fundamental principle.”

He further elaborated, “This recognition highlights our team’s commitment and the government’s support in maintaining a resilient, transparent financial sector. The FSU remains dedicated to safeguarding stakeholders’ interests and enhancing Dominica’s standing as a secure and compliant financial services hub.”

Established by an Act of Parliament in 2008, the Financial Services Unit operates under the umbrella of the Ministry of Finance, Economic Development, Climate Resilience, and Social Security.

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