Financial Crime World

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Dominican Republic’s AML Regulations Receive Mixed Assessment

The Financial Action Task Force (FATF) has evaluated the Dominican Republic’s efforts to combat money laundering and terrorist financing, with mixed results. According to the FATF’s Mutual Evaluation Report released in 2018, the country has made progress in implementing anti-money laundering (AML) regulations, but there are still areas that require improvement.

Compliance Assessment

The report assesses the Dominican Republic’s implementation of the 40 recommendations set forth by the FATF, a global standard-setting body for AML and combating terrorist financing. The assessment is based on a scale of compliance, with countries rated as:

  • Compliant
  • Largely compliant
  • Partially compliant
  • Non-compliant

Areas of Compliance

In several areas, the Dominican Republic was found to be compliant, including:

  • Money laundering offence
  • Confiscation and provisional measures
  • Financial institution secrecy laws
  • Targeted financial sanctions related to terrorism and terrorist financing (largely compliant)

Areas for Improvement

However, there are areas where the country needs to improve. The report notes that the Dominican Republic has only partially implemented measures to:

  • Regulate and supervise financial institutions
  • Regulate and supervise DNFBPs (designated non-financial businesses and professions), such as:
    • Real estate agents
    • Lawyers

Additionally, the country’s implementation of customer due diligence requirements for DNFBPs was found to be largely compliant.

Areas Requiring Further Attention

The report also highlights several areas where the Dominican Republic requires improvement, including:

  • Regulation and supervision of correspondent banking relationships
  • Reporting of suspicious transactions

Conclusion

Overall, the FATF assessment provides a comprehensive review of the Dominican Republic’s AML regulations and identifies areas that require further attention. The country must take concrete steps to address these deficiencies in order to effectively combat money laundering and terrorist financing.