Financial Crime World

DOMINICAN REPUBLIC STRENGTHENS ITS COMMITMENT TO FINANCIAL CRIME PREVENTION

Santo Domingo Takes Significant Strides in Combating Money Laundering and Terrorist Financing

The Dominican Republic has made significant progress in its efforts to combat money laundering and terrorist financing, aligning itself with international standards and conventions. The country’s commitment to preventing financial crimes is evident through the ratification of key treaties, the implementation of a new anti-money laundering (AML) law, and the establishment of robust regulatory frameworks.

NEW AML LAW BRINGS TRANSPARENCY AND COOPERATION

The New Anti-Money Laundering and Terrorist Financing Act 155-17, enacted on June 1, 2017, aims to modernize and align the Dominican Republic’s legal framework with contemporary international standards. The law enhances regulation, promotes transparency, and facilitates collaboration with international organizations in combating financial crimes.

  • Enhances regulation and oversight of financial institutions
  • Promotes transparency in financial transactions
  • Facilitates cooperation with international organizations

REGULATORS PLAY CRUCIAL ROLE IN PREVENTING FINANCIAL CRIMES

The Financial Analysis Unit (UAF) serves as the primary AML regulator, responsible for receiving, requesting, analyzing, and disclosing reports of suspected financial activities. The National Anti-Money Laundering Committee coordinates policies to prevent, discover, and repress laundered assets. Other key regulators include the Central Bank of the Dominican Republic, the Superintendence of Banks, and the Secretariat of Finance.

  • Financial Analysis Unit (UAF)
  • National Anti-Money Laundering Committee
  • Central Bank of the Dominican Republic
  • Superintendence of Banks
  • Secretariat of Finance

DOMINICAN REPUBLIC AIMS TO PREVENT BLACKLISTING

The New Law provides mechanisms for imposing sanctions on individuals involved in illegal financial activities, safeguarding both foreign and domestic investments. The country’s efforts to prevent blacklisting by the Financial Action Task Force (FATF) are also crucial in maintaining a secure economic environment.

  • Mechanisms for imposing sanctions on individuals involved in illegal financial activities
  • Safeguarding foreign and domestic investments
  • Prevention of blacklisting by FATF

INVESTORS AND BUSINESSES BENEFIT FROM STRONG AML REGULATIONS

The Dominican Republic’s commitment to AML regulations provides 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.

  • Assurance and security for investors
  • Cooperation with relevant authorities
  • Contribution to a safer and more secure financial environment

A SECURE FUTURE FOR THE DOMINICAN REPUBLIC

The country’s efforts to combat money laundering and terrorist financing demonstrate its dedication to creating a secure economic environment. As the Dominican Republic continues to align itself with international standards, investors and businesses can have confidence in the country’s ability to prevent financial crimes and promote transparency.

  • A secure economic environment
  • Confidence in the country’s ability to prevent financial crimes
  • Promotion of transparency