In September, the Finance Action Task Force of Latin America, known as Gafilat, reported that the Dominican Republic was in line with international anti-money laundering standards, in the first major review since new legislation was fully enacted by executive decree in the country a year ago.
President Danilo Medina’s overhaul of earlier legislation from 2002 beefed up laws and brought under supervision a wider array of sectors. The Anti-money Laundering and Terrorist Financing Act (AML/CFT) expanded the definition of money laundering to a number of crimes including copyright violation, counterfeiting and, most importantly, tax evasion and avoidance.
