The Anti-Money Laundering and Countering the Financing of Terrorism Law is requiring more regulations, which implies there will be a need to hire more personnel and invest in technologies for the nation’s banking system, and this all translates to greater operational costs of the financial system. According to José Lopez Valdez, the president of the Banking Association (ABA), speaking at the IX Congress on Money Laundering, sponsored by the Americas Bank (BancAmerica), said that this is a new law that is broader and contains new penalties and is causing uncertainty in the public and therefore, it should be well studied and debated.
On the positive side, referring to the impact that this law is having on the future of the Dominican Republic, he said that the Association expects a decrease in operations related to criminal activity.
The ABA president, Juan Carlos Medina, a corporate vice president for compliance at the B.O.D. Financial Group, said he also supports the law, saying that in the future, it will spur healthier economic development in the Dominican Republic. He nevertheless, forecasts a contraction in the economy, as new controls are implemented.
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Diario Libre
17 May 2018
