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Dominican Republic Makes Strides Against Financial Crime
The Dominican Republic has made significant strides in reducing its risk of money laundering and terrorist financing, according to the latest Basel AML Index scores. With a score of 5.21, the country has shown improvement over the past year, reflecting a sustained effort to strengthen its financial systems and combat illicit activities.
A Contrasting Trend with Neighboring Haiti
This positive trend stands in stark contrast to neighboring Haiti, which tops the list as Latin America’s most high-risk country for money laundering and terrorist financing. The Dominican Republic’s steady improvement since 2016, when it scored 6.74, is a testament to the government’s commitment to addressing financial crime.
The Basel AML Index: A Comprehensive Assessment
The Basel AML Index is a comprehensive assessment that draws on 16 key indicators related to corruption, financial standards, political transparency, and the rule of law. By combining these factors, the index provides a nuanced understanding of each country’s vulnerability to money laundering and terrorist financing.
Key Indicators for Evaluation
- Corruption
- Financial standards
- Political transparency
- Rule of law
Data Sources Used in the Index
The Basel AML Index uses publicly available data from reputable sources such as:
- Financial Action Task Force (FATF)
- Transparency International
- World Bank
- World Economic Forum
A Valuable Resource for Further Investigation and Analysis
The index highlights areas where countries need to focus their efforts to strengthen their financial systems and prevent illicit activities. By using the Basel AML Index as a starting point, governments can identify key vulnerabilities and develop targeted strategies to combat money laundering and terrorist financing.
Sustained Commitment to Fighting Financial Crime
As the Dominican Republic continues to build on its progress, it is clear that a sustained commitment to fighting financial crime will be essential in maintaining the country’s improving reputation.