Dominican Republic’s Anti-Corruption Efforts in Finance Earn International Accolades
The Financial Action Task Force of Latin America (Gafilat) has released a report praising the Dominican Republic for its efforts to combat money laundering and terrorist financing, highlighting the country’s compliance with international anti-money laundering standards.
Significant Improvements Made
Since the implementation of new legislation a year ago, officials have cited significant improvements made in combating money laundering and terrorist financing. The Anti-Money Laundering and Terrorist Financing Act (AML/CFT), enacted by President Danilo Medina’s administration, has expanded the definition of money laundering to include a range of criminal activities, such as:
- Copyright violation
- Counterfeiting
- Tax evasion
- Avoidance
Wider Array of Sectors Under Close Supervision
The overhaul of earlier legislation from 2002 has brought a wider array of sectors under close supervision, including:
- Banks and financial institutions
- Real estate companies
- Law firms
- Notaries and other professionals involved in the transfer of funds
International Recognition and Boost to Investor Confidence
The Gafilat report’s findings have been welcomed by financial institutions and government agencies worldwide, with many praising the Dominican Republic for its proactive approach to addressing these critical issues. The country’s commitment to strengthening its anti-corruption efforts in finance is expected to:
- Boost investor confidence
- Attract foreign investment to the region
A Major Milestone in the Fight Against Money Laundering and Terrorist Financing
The country’s financial leaders and policymakers are hailing this achievement as a major milestone in the fight against money laundering and terrorist financing. The Dominican Republic’s efforts to stay ahead of the curve will be closely watched by international observers, particularly as the global financial landscape continues to evolve.
Conclusion
The Gafilat report is a testament to the Dominican Republic’s commitment to combating money laundering and terrorist financing. The country’s progress in this area is expected to have a positive impact on investor confidence and foreign investment in the region, making it an attractive destination for businesses and individuals alike.