KUALA LUMPUR, Dec 20 (Bernama) -- Dominica has implemented watertight regulations to reinforce the legal framework of its Citizenship by Investment (CBI) Programme and its Unit, in a proactive move to demonstrate the country’s commitment to integrity.
The new regulations are the next step in Dominica’s due diligence vision to strengthen the position of the Citizenship Unit, with the added support and oversight by the Committee, led by the Government’s attorney general.
According to a statement, these new regulations formally protect the Government of Dominica’s ongoing commitment to due diligence, in which the country consolidates its regulations into a single set of regulations that encompasses all aspects of the citizenship by investment process.
The new regulations also enshrined into law information sharing between the CBI Unit and the Joint Regional Communications Centre (JRCC), whereby information sharing between CBI countries and other jurisdictions is, and will remain, paramount.
Dominica continues to take a proactive approach in making sure international partners are kept apprised of the CBI process and advancing the due diligence protocols to ensure the country continues to meet international best practice.
It has set the standard for CBI due diligence earlier this year as the first country to introduce mandatory interviews as part of its CBI application process and these regulations continue the work of the nation’s CBI Unit (CBIU) to uphold the programme’s reputation of transparency and accountability.
The CBIU has formalised its commitment to ensuring its Authorised Agents and Licenced Promoters uphold the highest standards with the promotional guidelines now enshrined in the regulations.
The tightening of regulations also affects applicants who change their names. Under the new rules, Dominica has the power to deprive citizenship if applicants seek to change their name within five years of receiving their certificate of naturalisation.
Consistent with the nation’s ongoing efforts to uphold stringent due diligence practices, the Government of Dominica remains steadfast in its commitment to ensuring the highest standards of integrity and transparency in its CBI Programme.
-- BERNAMA
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