Dominican Republic Embraces Risk-Based Approach to Compliance

The Dominican Republic has taken a significant step towards strengthening its anti-money laundering and combating terrorism financing (AML/CFT) framework by implementing a risk-based approach to compliance. This initiative is a critical milestone in the country’s efforts to combat money laundering and terrorist financing.

National Risk Assessment: A Critical Component of AML/CFT Compliance

In May 2014, the Dominican Republic hosted a three-day workshop on national risk assessment, which brought together over 80 high-level participants from government agencies, financial institutions, and regulatory bodies. The event was organized by the World Bank, with support from the Financial Analysis Unit of the National Committee against Money Laundering and the Caribbean Financial Action Task Force (CFATF).

The workshop focused on identifying vulnerabilities and risks facing the Dominican Republic through in-depth discussions, brainstorming sessions, and data collection exercises. The aim was to develop a comprehensive understanding of the country’s AML/CFT landscape and establish measures to address these challenges.

Key Officials Attend Workshop

The following officials from the National Committee against Money Laundering and the Financial Analysis Unit attended the workshop:

• Chairman Dr. Fidias Aristy
• Director Dulce Maria Luciano
• Representatives from the Superintendency of Banks, Public Ministry, and National Drug Control (DNCD)

Implementation and Benefits

The Dominican Republic’s commitment to a risk-based approach to compliance is a significant milestone in its efforts to combat money laundering and terrorist financing. By embracing this approach, the country demonstrates its willingness to strengthen inter-agency cooperation, enhance transparency, and protect its financial system from illicit activities.

This effort is essential in promoting a safe and stable economic environment, which benefits both domestic businesses and international investors. GAFIC congratulates the National Committee against Money Laundering and the Financial Analysis Unit for their leadership and dedication to implementing this critical initiative.

Key Benefits of a Risk-Based Approach

• Strengthens inter-agency cooperation
• Enhances transparency
• Protects the financial system from illicit activities
• Promotes a safe and stable economic environment
• Benefits domestic businesses and international investors