Title: Dominican Republic’s Measured Steps to Combat Money Laundering and Terrorist Financing

Background

Following a mutual evaluation by the Financial Action Task Force (FATF) in 2018, the Dominican Republic’s financial regulatory bodies have intensified their efforts to prevent money laundering and terrorist financing.

FATF Evaluation (2018)

• Based on FATF’s 2012 Recommendations and 2013 Methodology
• Evaluated progress in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) framework
• Assessment based on information provided by the country and on-site visit between Jan 15-25, 2018

AML/CTF Progress

• Legal Framework: Implemented necessary legislation for AML/CTF
• Customer Due Diligence: Improved processes for identifying customers and checking their identities
• International Cooperation: Enhanced cooperation with international partners

Areas for Improvement

• Financial Intelligence Unit (FIU): Effectiveness required further attention
• Complex Transactions: Need for enhanced due diligence measures

Post-Evaluation Efforts

• Strengthening AML/CTF framework
• Enhancing monitoring and investigative capabilities
• Ensuring financial transactions adhere to international standards

Current Status

• Committed to preventing financial crimes
• Progress in adhering to FATF recommendations
• Challenges remain, but significant steps taken towards combating money laundering and terrorist financing.

Conclusion

Despite the progress made by the Dominican Republic, further improvements are necessary. The continued efforts of the financial regulatory bodies, alongside international cooperation, play a crucial role in maintaining the integrity of the Dominican Republic’s financial system and combating financial crimes.