Dominican Republic Strengthens Financial Crime Prevention with New Act

The Dominican Republic enacted a new Anti-Money Laundering and Terrorist Financing Act on June 1, 2017, to strengthen its defense against financial crimes. This law, formally known as Act 155-17, aims to create a more coherent and contemporary legal framework ¹.

Background

• The Executive Power of the Dominican Republic promulgated the new legislation to update its legal framework with international standards
• Replaces the existing Anti-Money Laundering Act 72-02 from 2002

Key Institutions

• Financial Analysis Unit
• Monetary Board
• Insurance Superintendence
• Casinos and Gaming Directorate

Enhanced Powers

The New Law empowers these entities to:

• Investigate
• Prevent
• Penalize financial crimes

Significance of the Act

• Addresses concerns of money laundering and terrorist financing
• Maintains secure financial environment for citizens and businesses
• Adapts to evolving financial crimes

Features of the New Law

• Brings the Dominican Republic’s legal framework up to date
• Provides enhanced powers to prevent and penalize financial crimes

References

1. Natlawreview.com. (2017, June 23). The Dominican Republic’s New Anti-Money Laundering and Terrorist Financing Act
2. Natlawreview.com. (2017). The New Domincan Anti-Money Laundering and Terrorist Financing Act 155-17