The Chamber of Deputies has passed a bill that modifies Law 480-08 on International Duty Free Financial Zones. As reported in Listin Diario, the changes were based on recommendations by the United States in order to make it difficult to make investments for laundering assets or drug trafficking money. The changes now ban anonymous accounts or accounts with fictitious names.
Chamber of Deputies financial commission member Marino Collante said the changes were aimed at protecting the country from receiving drug trafficking or money laundering illicit investments.
The bill had already been approved by the Senate and now passes to the Presidency for signing and publishing into law. The bill was originally passed during the Leonel Fernandez government.
Collante said the law was never applied because the US authorities believed that it allowed for laundering of drug money and would attract capitals of dubious origins.
http://www.listin.com.do/la-republica/2014/7/23/330802/Aprueban-proyecto-de-zonas-financieras-internacionales