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Dominican Republic Falls Short in Fight Against Financial Crime, Experts Warn
The Dominican Republic has made significant strides in implementing financial crime prevention measures, but still lags behind in several key areas, according to a recent assessment by international experts. The country’s ratings on technical compliance with the Financial Action Task Force (FATF) recommendations show that while it has made progress in some areas, it still faces challenges in others.
Technical Compliance Ratings
The FATF rated the Dominican Republic as “partially compliant” in several key areas, including:
- Confiscation and provisional measures to prevent money laundering, terrorist financing, and proliferation of weapons of mass destruction
- Regulation and supervision of financial institutions, DNFBPs (designated non-financial businesses and professions), and cash couriers
Positive Developments
On the positive side, the Dominican Republic was commended for its efforts in:
- Implementing measures to prevent money laundering and terrorist financing
- Strengthening its financial intelligence unit
- Providing guidance and feedback to financial institutions
The country also received high marks for its powers of supervisors and law enforcement agencies.
Urgent Action Needed
Experts warn that the Dominican Republic’s lack of progress in key areas could have serious consequences, including increased risks of money laundering, terrorist financing, and other financial crimes. “The Dominican Republic must take urgent action to address these shortcomings and bring its laws and regulations into line with international standards,” said a leading expert on financial crime prevention.
Government Response
In response to the assessment, government officials in the Dominican Republic pledged to intensify efforts to strengthen their financial system and prevent financial crime. “We recognize the importance of implementing effective measures to prevent money laundering and terrorist financing, and we are committed to working closely with international partners to achieve this goal,” said a senior official.
FATF Assessments
The FATF’s technical compliance ratings are used by countries around the world to assess their progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures. The assessments help identify areas where countries need to improve, and provide guidance on how to strengthen their financial systems and prevent financial crime.
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