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The Commonwealth of Dominica, also called Dominica is an island situated between the Caribbean Sea and the North Atlantic Ocean. Dominica must not be confused with the Dominican Republic and is a relatively recent offshore financial centre. The government has implemented incentives towards the offshore financial industry and as a result Dominica presently possesses most of the main asset security features. The Commonwealth of Dominica is an independent sovereign jurisdiction and is not affected by UK and EU legislation. Dominica is already quickly emerging into a premier offshore financial centre in the Caribbean.