Financial Crime World

Risk Assessment Frameworks for Financial Institutions: A Step Forward for the Dominican Republic

Strengthening Anti-Money Laundering and Terrorist Financing Measures

Santo Domingo, Dominican Republic - In a significant move towards enhancing anti-money laundering and terrorist financing measures, the World Bank recently conducted a workshop on national risk assessment in collaboration with the Financial Analysis Unit of the National Committee against Money Laundering and the Caribbean Financial Action Task Force (CFATF).

Workshop Objectives

  • Identify vulnerabilities in the country’s financial system
  • Develop effective counter-measures to address money laundering and terrorist financing concerns
  • Foster inter-agency cooperation and transparency among stakeholders

Key Highlights of the Workshop

Participants

  • Over 80 high-level participants from various government agencies, financial institutions, and regulatory bodies attended the workshop.
  • Key officials from the National Committee against Money Laundering, including Victor Amaury Romero, German Miranda Villalona, and Colonel Luis Soulfront Tamayo, were in attendance.

Expert Insights

  • World Bank representatives Dr. Fidias Aristy, Dulce Maria Luciano, McDonald Benjamin, and Emily Reinhart shared their expertise on risk assessment frameworks.
  • Participants engaged in active discussions, sharing best practices and analyzing the risks and challenges facing the country’s financial system.

Global Asset Finance Industry Council (GAFIC) Congratulates National Committee

The GAFIC has congratulated the National Committee against Money Laundering and Financial Analysis Unit on their efforts to implement a national risk assessment framework. They expressed hope that this initiative will enhance inter-agency cooperation and transparency in combating money laundering and terrorist financing in the Dominican Republic.

Collaboration Key to Success

  • The importance of data collection and cooperation among stakeholders was emphasized during the workshop.
  • Effective collaboration is crucial in addressing money laundering and terrorist financing concerns, highlighting the need for a unified approach.