Dominica to regulate operations of CBI Programme with New Independent Due Diligence Unit

Roseau, Dominica: Dominica will establish an independent due diligence unit to regulate the operations of the Citizenship by Investment Programmme in October 2024. Speaking during a press conference, Prime Minister Dr Roosevelt Skerrit made the announcement and noted that the unit will be overseen by the Financial Intelligence Unit (FIU). 

He marked it one of the important aspects of the Memorandum of Agreement (MOA) signed by five Caribbean CBI jurisdictions earlier this year. PM Skerrit said that the independent regulatory body will enhance due diligence and strengthen the system. 

“One of the major things which will come into effect in October is the establishment of an independent due diligence unit which will be under the ages of the FIU," said the prime minister. 

The unit will be responsible for reviewing all the files and advising on which applicant should be given citizenship based on the due diligence reports. The advice will also be based on the JRCC report and all people who will be working in the unit have been vetted by the Regional Security System (RSS) and the JRCC. 

PM Skerrit noted, ”We maintain the high standards over the years, so I want us to understand in Dominica that we’re not opposed to anybody raising questions about the programme, sincere, honest and legitimate transparent questions, but I believe every single Dominican must condemn any attempt at undermining this programme.” 

Work with International Partners

Prime Minister Skerrit added that they are working with both regional and international partners in addressing the issues in the CBI Programme. 

“We have been working closely with United States government and their treasury department who came out and provided us with the six principles that we able to implement and continue work with them since the meeting in St Kitts and Nevis.” 

He said that the government will continue engage with the partners and they signed this MOA which speaks to number of issues.

PM Skerrit outlines other aspects of CBI Programme

Prime Minister Dr Roosevelt Skerrit also talked about several other aspects of the Citizenship by Investment Programme of Dominica and stated that the country runs a very robust and very transparent programme. He added that the programme helped Dominica in times of natural disasters and in the government, they took deliberate decision that the CBI funds will not be used for recurrent expenditure. 

Prime Minister Skerrit announced that the funds generated by the CBI Programme are used for infrastructural growth, government investment and also paying down on expensive or national debt.

While highlighting the use of the CBI funds, PM Skerrit asserted,”We only started using the CBI funds after the hurricane as there was revenue drop, and you have to rebuild, so started using some of those funds for recurrent expenditure.” 

He also talked about the COVID time and added that everybody stayed home both in the public and private sector, so the government had to pay the salaries of all public officers. The government also supported many private sector entities in paying the salaries of their workers, aiming to ensure that they can take care of their families. 

During the hurricane, the government used the 90% of the funds to provide roofs to people, provide food, they purchase to clean up the massive destruction and debris, money was used for small business support, for agriculture, for hotel industry, for agro processing and manufacturing. 

Since the establishment of the small business unit, he announced that the government has given an excess of $67 million by way of grants to small business owners across Dominica. The money is also used to pay for students studying overseas, building roads, bridges, hospitals, health centres and the housing revolution.