Deputies representing several political parties rejected in the Tuesday, 30 May 2017 session, to vote in favor of the Anti-Money Laundering/Combating the Financing of Terrorism Bill because this establishes cooperatives will now fall under the regulation of the Superintendence of Banks. This is the same bill that had been passed in the Chamber of Deputies but when sent to the Senate was modified to exclude betting and lottery shops. The bill will replace Law 72-02.
Deputy Gustavo Sánchez (PLD-National District), spokesman for the PLD bloc in the Chamber of Deputies, expressed his concern that the two-hour discussion focused on whether the betting shops and cooperatives be excluded instead of backing a bill that would combat impunity.
The new bill places cooperatives under the supervision for money laundering. The deputies are concerned this will affect the development of the cooperatives. Several stressed the role the cooperatives have played in reducing poverty in the country. The motion to remove the cooperatives was presented by Radhamés Camacho (National Deputy).
Deputy Dario Zapata (PRM-Dajabón) said that the bill as approved by the Senate contradicts Monetary and Financial Law 183-02 that in Art. 76 that establishes that cooperatives will operate under special rules.
It is not clear what the implications of including cooperatives in the legislation would have on this sector. However, Fidelio Despradel (Al Pais-National District) argued that the inclusion of the cooperatives is motivated by the big banks that want to put a stop to the competition they are now feeling from the development of the cooperative movement in the country.
Referring to the other snag in the bill, the betting shops, Deputy José González spoke up in favor of these falling under Superintendence of Banks regulation. He said Congress is under a great deal of international pressure to pass the bill, but it cannot be passed with the chaos surrounding the issue of sports betting shops. Gonzalez proposed to debate the inclusion of the sports betting issue in a future ruling or legislative action.
Gonzalez criticized that the government has not been capable of regulating the gaming businesses. He observed that Law 139-11 that moved the licensing and oversight of betting shops and lotteries to the Ministry of Hacienda (Finance) instead facilitated the unintended result of a proliferation of informal betting shops. According to Gonzalez, there are now more informal betting shops operating than formal or licensed shops. He found unacceptable the argument that they should not be regulated because there are too many of these to regulate.
In addition, Darío Zapata also criticized that in the new bill, judges would have to present statements of their net worth.
The deputies meet again on Wednesday, 31 May 2017, to debate the legislation.
The Anti-Money Laundering/Combating the Financing of Terrorism Bill would enforce in the Dominican Republic measures that are now globally sanctioned under the Financial Action Task Force (FATF-GAFI).
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El Nuevo Diario
31 May 2017
