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Dominican Republic: Fighting Financial Crimes

· 2 min read
Lucy Wilson
Financial Intelligence Analyst

The Dominican Republic, an Caribbean island nation, is actively working to prevent financial crimes such as money laundering and terrorist financing within its borders. The country has adopted several international treaties and conventions, enhancing cooperation among governments to combat such illicit activities.

International Commitments​

  • The Dominican Republic is a signatory to key international conventions and treaties designed to prevent financial crimes, including:
    • United Nations Convention Against Transnational Organized Crime
    • Financial Action Task Force (FATF) recommendations

These agreements promote international cooperation in investigating and prosecuting money laundering and related crimes.

Regulatory Framework​

The Dominican Republic's regulatory framework includes:

  • Central Bank of the Dominican Republic
  • Financial Intelligence Unit (FIU)
  • Superintendence of Banking Institutions and other financial entities (SBS)

These bodies are responsible for ensuring financial institutions adhere to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The Dominican Republic also has legislation in place to address financial crimes, such as:

  • Law on Anti-Money Laundering and Terrorist Financing

Transparency and Cooperation​

The Dominican Republic has demonstrated a commitment to transparency through its membership in the Organization for Economic Co-operation and Development (OECD). The country has implemented recommendations aimed at:

  • Improving the business environment
  • Simplifying regulations
  • Enhancing tax transparency

Multilateral Cooperation​

The Dominican Republic has entered into various cooperative agreements with other countries and international organizations, including:

  • Bilateral agreements with the United States and Spain
    • Aimed at enhancing financial intelligence sharing and information exchange

These initiatives and commitments demonstrate the Dominican Republic's dedication to combatting financial crimes and fostering a robust and secure financial sector. The country continues to work with international partners to strengthen its defenses and adapt to evolving threats.

Conclusion​

In an ever-changing financial landscape, the Dominican Republic's efforts to prevent money laundering and terrorist financing are essential to ensuring a stable and resilient economy. By collaborating with international partners and continuing to adapt its regulatory framework, the Dominican Republic is demonstrating its commitment to a global effort to combat financial crimes.