Regulatory Alerts2017-09-15
Law No. 155-17 on the Prevention and Punishment of Money Laundering and Financing of Terrorism
The National Congress of the Dominican Republic enacted Law No. 155-17 to replace the previous anti-money laundering statute and align national legislation with international standards set by the FATF and UN conventions. The law establishes comprehensive criminal penalties for money laundering and terrorism financing, defines key terms such as beneficial ownership and politically exposed persons, and mandates strict due diligence obligations for regulated entities. Additionally, it strengthens institutional oversight mechanisms and introduces measures to enhance tax transparency and the liquidation of inactive commercial entities.
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