Title: Dominican Republic Tackles Money Laundering, Terrorism Financing, and Weapons Mass Destruction Funding

Subtitle: The Caribbean Nation Strengthens Financial Crimes Prevention Measures with GAFILAT Support

The Dominican Republic, known for its tropical climate and popular tourist destinations, is making significant strides to combat financial crimes with the support of the Financial Action Task Force on Money Laundering (GAFILAT).

Partnership with GAFILAT

• GAFILAT shares insights, best practices, and recommendations to help the Caribbean nation strengthen its regulatory framework for ongoing compliance with international anti-money laundering (AML) and counter-terrorism financing (CTF) standards

Key Areas of Focus

1. Robust Risk Assessment Methodologies

   • Enhance understanding of money laundering and terrorist financing risks in the Dominican Republic

2. Strengthening Legal Framework

   • Implementing comprehensive legislative reforms to improve regulatory structure

3. Financial Sector Transparency

   • Customer due diligence and beneficial ownership identification requirements

4. Enhancing Financial Intelligence Unit

   • Capacity to monitor and investigate financial transactions posing a risk to the country’s financial system

Support from GAFILAT

• Workshops and conferences to promote discussions on financial crimes and their impact on the global economy
• Guidance on incorporating AML and CTF measures into various sectors, like the gambling industry and real estate market

Building a Robust Financial Hub

By working closely with GAFILAT, the Dominican Republic continues to build a robust and proactive approach to prevent and counteract financial crimes, ensuring its reputation as a secure and reliable financial hub in the Caribbean region.

Importance of International Cooperation and Preventive Measures

• International cooperation and knowledge exchange are essential in safeguarding global financial stability