Financial Crime World

Dominican Republic Enhances Anti-Money Laundering Framework

The Dominican Republic has taken significant steps to combat money laundering and terrorist financing, solidifying its position as a major player in the global fight against illicit financial activities.

New Legislation: A Stronger Framework

In 2017, the country implemented the New Anti-Money Laundering and Terrorist Financing Act 155-17, which modernized and aligned its legal framework with contemporary international standards. This legislation aims to regulate money laundering and terrorist financing more effectively, promote transparency, and facilitate collaboration with international organizations.

Key Objectives

  • Prevent the country from being placed on the Financial Action Task Force’s (FATF) blacklist
  • Deter foreign investment and negatively impact the economy

AML Regulators in the Dominican Republic

The following institutions play a crucial role in combating money laundering and terrorist financing:

  • Financiero Analysis Unit (UAF): Receives and analyzes reports of suspected financial activities and cash transactions exceeding $10,000
  • National Anti-Money Laundering Committee: Coordinates policies to prevent money laundering and oversees annual budgets for relevant institutions
  • Custody and Management of Seized Assets Office: Safeguards, administers, and sells confiscated assets related to crimes outlined in the law

Additional AML Regulators

The country also has several other institutions that play a crucial role in combating money laundering and terrorist financing:

  • Central Bank of the Dominican Republic
  • Superintendence of Banks
  • National Drug Council
  • Secretariat of Finance

Investor Confidence

The Dominican Republic’s commitment to combating money laundering and terrorist financing has provided a level of assurance and security for investors, businesses, and individuals considering involvement in the country. By staying updated with these regulations and cooperating with relevant authorities, stakeholders can contribute to a safer and more secure financial environment in the Dominican Republic.