Mandates
Mandate
The mandate of the FSU stems from the FSU Act (PDF 83.14KB) which gives it responsibility to monitor financial institutions operating in Dominica, take action against persons carrying on unlicensed financial services business, supervise licensees in accordance with the FSU Act and the financial services enactments, and administer the financial services enactments or any other relevant enactments.
The following financial services enactments are listed in Schedule I of the FSU Act:-
- Building Societies Act (Chap 31:60) (PDF 770.9KB)
- Co-operative Societies Act (No. 2 of 2011) (PDF 392.66KB)
- Dominica Agricultural, Industrial and Development Bank Act (Chap.74:03) (PDF 986.65KB)
- Exempt Insurance Act (No. 14 of 1997) (PDF 536.88KB)
- International Exempt Trust Act (No. 10 of 1997) (PDF 736.41KB)
- International Business Companies Act (No. 10 of 1996) (PDF 1.96MB)
- Offshore Banking Act (No. 8 of 1996) (PDF 1.11MB)
The following financial institutions falling under the purview of the Unit are listed in Schedule II of the FSU Act:-
- Building Societies as defined by the Building Societies Act (PDF 770.9KB)
- Credit Unions as defined by the Co-operative Societies act (PDF 392.66KB)
- Development Banks
- Exempt Insurance Companies as defined by the Exempt Insurance Act (PDF 536.88KB)
- International Trusts as defined by the Exempt Trust Act (PDF 736.41KB)
- International Business Companies as defined by the International Business Companies Act (PDF 1.96MB)
- Internet Gaming Companies
- Insurance Companies
- Money Transfer Companies
- Offshore Banks as defined by the Offshore Banking Act (PDF 1.11MB)
In addition to the mandate listed above, the FSU is responsible for monitoring and ensuring AML/CFT compliance of domestic commercial banks plus the financial institutions mentioned above, and for the administration of the Economic Citizenship Programme of the Government of Dominica.