President enacts Extinction of Domain Law; law has a year to go into effect

Dolores

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Feb 20, 2019
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President Luis Abinader spoke to the nation from the Presidential Palace on 28 July 2022 on the occasion of the enactment of the Extinction of Domain Law 340-22. President Abinader called the legislature an innovative mechanism and expressed it would provide efficient response to combat organized crime.

The ceremony marked the year-long period when judicial staff will be trained and amendments can still be included in the country’s forfeiture law. The actual start date is July 2023, when the penal court will open to hear these cases.

The Public Prosecutor’s Office is ordered to start training the prosecutors who will be in charge of the accusations and investigations in regarding the forfeiture of illicitly-acquired assets.

By the nature of the law, amendments can still be incorporated to what was improved in Congress during the year of...

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CristoRey

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TRANSLATION:
You have one year to steal as much as you can get your hands on and launder as much illegal money as possible...
the clock is ticking.

Still no movement on them bancas owned by the politicos.
 
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Yourmaninvegas

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This is not legal or financial advice.

If you know how to do your laundry...this law is going to have zero effect on you.

Let me give you an example:
Once your dirty money is clean
Set up a company in Seychelles.
Use your company in Seychelles to purchase property cash here in the Dominican Republic.

As long as you keep your dirty activities separate from your clean activities your assets owned by the Seychelles company cannot be touched.
I would even buy a few properties in my own name just to give the DRGOV some meat (voluntary forfeiture) if I need to plea bargain.

It come down to diversifying where you work, from where you do business, from where you bank, from where you play, to where you live. My understanding is the POTDR has a little money off shore. These methods are not a secret. You just have to have enough money to make them pay off. Because there are costs and fees to make these sorts of things happen and to pay for the expert legal and accounting advice to keep yourself out of trouble.

No matter how you get your money it pays to do asset protection.
If you own nothing...they can take nothing.