Financial Crime World

National Risk Assessment Framework for Financial Institutions in Dominican Republic

Introduction

In May 2014, a workshop on national risk assessment was held in Santo Domingo, Dominican Republic, with the support of the World Bank and the Caribbean Financial Action Task Force (CFATF). The event brought together over 80 high-level participants to lead the national risk assessment in the country.

Workshop Objectives

The workshop aimed to:

  • Familiarize participants with fundamental concepts of national risk assessment and risk-based approaches
  • Identify the need for data collection and cooperation for implementing measures in the near future
  • Strengthen inter-agency cooperation, transparency, and combating money laundering and terrorist financing in the Dominican Republic

Participants

Representatives from various institutions attended the workshop, including:

  • Supreme Court
  • Attorney General’s office
  • Ministry of Interior
  • Police
  • Central Bank
  • Superintendency of Banks
  • Superintendent of Securities
  • Insurance Supervisor
  • National Drug Council
  • Financial Analysis Unit
  • World Bank
  • National Committee against Money Laundering

Key Takeaways

The workshop resulted in:

  • A better understanding of national risk assessment and risk-based approaches among participants
  • Identification of data collection needs and cooperation for implementing measures
  • Strengthened inter-agency cooperation, transparency, and combating money laundering and terrorist financing in the Dominican Republic

Support from International Organizations

The GAFIC (Group of Financial Action Task Force against Money Laundering) congratulated the National Committee against Money Laundering and Financial Analysis Unit on the implementation of the national risk assessment. The organization hopes that this experience will promote a culture of transparency and accountability among financial institutions in the country.

Conclusion

The workshop marked an important step towards strengthening the financial system in the Dominican Republic, promoting a culture of transparency and accountability among financial institutions, and combating money laundering and terrorist financing.