Find Banking and Financial Services expertise in Dominica
Dominica is a member of the Eastern Caribbean Currency Union (ECCU), which, defying macroeconomic pressures, has experienced continuing confidence in the financial system. Between the well-developed banking sector and cooperative credit unions a high proportion of the population have access to formal financial services. There are three international banks which operate branches in Dominica, namely – Royal Bank of Canada, Bank of Nova Scotia, and First Caribbean International. One indigenous bank – National Bank of Dominica Ltd., and one development bank – the Agricultural, Industrial, and Development Bank (AID) are also in operation. Additionally, the banks of Dominica provide offshore banking facilities, which are a significant part of the national economy, and provide tax-free offshore bank accounts. There are no exchange controls in the jurisdiction. Other financial institutions include 15 credit unions, 17 insurance companies, one building and loan association and three international financial services sector banks (2012).
Regulation of Financial Services
Dominica is a member of the Eastern Caribbean Central Bank (ECCB), which regulates the availability of money and credit and maintains monetary stability amongst the ECCB countries – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. Regulatory jurisdiction over financial institutions is partly that of the ECCB and partly of the national authorities. The ECCB acts as regulator of all banks licensed to conduct business within the ECCU, which includes both domestic and foreign owned banks. In addition it has limited supervisory authorities for the offshore banks in Dominica. In turn the ECCB is governed by a Monetary Council consisting of the Ministers of Finance from each of the participating governments. The revised Banking Act, introduced to Dominica in 2006, refined the overall regulatory regime and enhanced the powers of the ECCB. Additionally, the Financial Services Unit (FSU) of the Ministry of Finance is responsible for the supervision of banking and insurance activities, and for the facilitation and supervision of the offshore and international business activities on Dominica. Banks in Dominica have implemented strong secrecy laws, which significantly protect their clients’ privacy and confidentiality.
Development of Financial Services
In the World Bank’s Ease of Doing Business Report Dominica ranked 78th in the world (out of 183 countries) for getting credit, putting it in a comparable position to the Bahamas, and coming above a number of its regional counterparts St Lucia, Antigua and Barbuda, Grenada and Jamaica. In relation to protecting investors it ranked highly at 29th overall in the world, with only Trinidad and Tobago rating higher amongst the Caribbean islands.
|Banking and Financial Services organisations in Dominica|
|Dominica Agricultural, Industrial and Development bank||
|Eastern Caribbean Central Bank||
|First Caribbean Bank||
|Harris & Harris||
|KPB Chartered Accountants||
|Royal Bank of Canada||
|The National Bank of Dominica||