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Money Laundering in Dominican Republic: A Growing Concern?

The Dominican Republic has made significant strides in reducing its risk of money laundering and terrorist financing, according to the latest Basel AML Index. The country scored 5.21 out of 10, a marked improvement from its 6.74 index score in 2016.

Progress Made

While still a concerning issue, this trend suggests that the Dominican Republic is making efforts to combat these illicit activities. The Basel AML Index is a composite measure of 16 different indicators related to corruption, financial standards, political disclosure, and rule of law.

Indicators Used

The numbers are based on publicly available sources such as:

• Financial Action Task Force (FATF)
• Transparency International
• World Bank
• World Economic Forum

These sources serve as a starting point for further investigation.

Haiti’s High Risk Index

However, it’s worth noting that neighboring Haiti stands out as the Latin American country with the highest risk index for money laundering and terrorist financing. This underscores the need for continued vigilance and cooperation between countries in the region to combat these threats.

Continued Efforts Needed

While the Dominican Republic’s progress is encouraging, it remains essential for the country to continue strengthening its anti-money laundering and counter-terrorism financing measures. The ongoing fight against these illicit activities requires sustained efforts from:

• Governments
• Financial institutions
• Other stakeholders

To ensure that the region remains a safe and secure place to do business.