Financial Crimes Regime in Dominican Republic Clears Major Hurdle

International Recognition for Improved Anti-Money Laundering Efforts

The Finance Action Task Force of Latin America has conducted a comprehensive review of the Dominican Republic’s compliance with international anti-money laundering standards. The outcome is a significant milestone in the battle against financial crimes, with the country’s efforts deemed satisfactory.

Background on New Legislation

In 2020, the Dominican Republic implemented new legislation aimed at strengthening its financial regulations. This overhaul built upon existing laws first introduced in 2002 and expanded the definition of money laundering to include:

• A range of serious offenses
• Tax evasion and avoidance
• Copyright violation
• Counterfeiting

These changes have brought a broader scope of activities under the purview of anti-money laundering authorities.

Benefits for Local and International Stakeholders

The Dominican Republic’s progress in this area is expected to yield several benefits:

• Increased investment: The country’s ability to maintain robust financial regulations will make it an attractive destination for investors.
• Economic growth: Strengthened financial regulations will contribute to a more stable economic environment, promoting growth and development.

The Dominican Republic continues to position itself as a key player in regional trade and finance. Its commitment to maintaining high standards of anti-money laundering regulation will be crucial in achieving this goal.