The Commonwealth of Dominica, renowned for offering one of the best Citizenship by Investment programmes globally, places immense importance on maintaining its international reputation. The due diligence process plays a pivotal role in this regard, assuring the global community that the program adheres to the highest standards of transparency, legality, and ethical conduct. This small caribbean nation is committed to staying ahead of potential threats reinforces the effectiveness and relevance of the due diligence process in protecting the nation’s interests.
Prime Minister of Dominica, Honourable Dr Roosevelt Skerrit, emphasised the Government’s commitment to protecting the country’s financial system.
The introduction of mandatory interviews further strengthens the CBI Programme’s due diligence processes, making it more robust and secure than ever before.
– PM Skerrit
During the 2023/2024 Budget Speech, Honourable Dr Skerrit affirmed the Government’s commitment in reinforcing the already proactive due diligence process. Dominica has implemented several key measures to heighten the security of its investment migration programme. This, in turn, attracts reputable investors and enhances the country’s standing on the international stage.
The following measures were implemented under new rules.
Applicants are vetted by multiple entities such as:
- KYC (know-your-customer) checks performed by local Authorised Agents.
- Internal checks including AML (anti-money laundering) and CTF (counter-terrorism financing) vetting by the Citizenship by Investment Unit.
- Mandated international due diligence firms perform online and on-the-ground checks.
- Regional and international crime prevention bodies check that you aren’t on any wanted or sanctions lists.
- Mandatory Interview.
AML/CFT Training
This includes anti-money laundering and counter-terrorism financing training conducted by a United States-based firm for all Citizenship by Investment Unit (CBIU) staff. This comprehensive training equips CBIU personnel with the latest knowledge and tools to detect and prevent financial crimes, reinforcing the CBI Programme’s resilience against illicit activities. Recognising the importance of a robust internal framework, the CBIU underwent a meticulous restructuring process under the supervision of an expert compliance officer. This measure was pivotal in ensuring that all procedures were not only updated to meet evolving standards but also that stringent quality control measures were put in place.
Cybersecurity
Dominica’s government prioritised the technological aspect of security by initiating a comprehensive upgrade of all IT systems within the CBIU. This involves adopting the latest cybersecurity measures, implementing advanced encryption protocols, and ensuring the resilience of the entire technological infrastructure supporting the CBI Programme.
The Government is continuously investing in cutting-edge technology, will create a secure digital environment that safeguards sensitive data, reinforces due diligence processes, and maintains the trust of global investors.
Dominica CBI Unit
