Financial Crime World

White-Collar Crimes in the Dominican Republic

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Overview

White-collar crimes in the Dominican Republic are regulated by various laws and regulations. This article provides an overview of common white-collar crimes, the regulatory framework, penalties, and compliance obligations.

Common White-Collar Crimes

The following are some of the most common white-collar crimes in the Dominican Republic:

  • Bribery: Bribery is punishable by imprisonment for three to ten years and a fine of double the rewards received or requested.
  • Money Laundering: The Anti-Money Laundering Act regulates money laundering activities, imposing penalties on individuals and entities that engage in money laundering.
  • Corporate Fraud: The General Law on Commercial Entities, Limited Liability Entities and Individual Enterprises with Limited Liability (Law 479-08) regulates corporate fraud, imposing penalties on individuals and entities that engage in corporate fraud.
  • Tax Evasion: Tax evasion is punishable by imprisonment for three to ten years and a fine of up to 50 times the minimum wage.

Regulatory Framework

The regulatory framework for white-collar crimes in the Dominican Republic includes:

  • Criminal Code: The Criminal Code regulates various white-collar crimes, including bribery, money laundering, and corporate fraud.
  • Anti-Money Laundering Act: The Anti-Money Laundering Act regulates money laundering activities in the Dominican Republic.
  • General Law on Commercial Entities, Limited Liability Entities and Individual Enterprises with Limited Liability (Law 479-08): This law regulates corporate fraud in the Dominican Republic.
  • Tax Code: The Tax Code regulates tax evasion in the Dominican Republic.

Penalties

The penalties for white-collar crimes in the Dominican Republic vary depending on the type of crime committed. Some common penalties include:

  • Imprisonment
  • Fines
  • Disqualification from certain functions or professions
  • Closure of or intervention in legal persons
  • Confiscation of valuables and objects offered in bribery

Compliance Obligations

There are no specific compliance obligations for white-collar crimes in the Dominican Republic. However, entities that engage in activities subject to anti-money laundering regulations must implement a compliance program to prevent money laundering and terrorist financing activities.

Note: This article provides general information on white-collar crimes in the Dominican Republic and should not be considered as legal advice.