{"id":231414,"date":"2025-02-17T07:52:15","date_gmt":"2025-02-17T11:52:15","guid":{"rendered":"https:\/\/dr1.com\/news\/?p=231414"},"modified":"2025-02-17T08:30:21","modified_gmt":"2025-02-17T12:30:21","slug":"boom-in-car-dealerships-property-construction-and-sports-betting-investigated-by-financial-analysis-unit","status":"publish","type":"post","link":"https:\/\/dr1.com\/news\/2025\/02\/17\/boom-in-car-dealerships-property-construction-and-sports-betting-investigated-by-financial-analysis-unit\/","title":{"rendered":"Boom in car dealerships, property construction and sports betting investigated by Financial Analysis Unit"},"content":{"rendered":"\n
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Aileen Guzm\u00e1n Coste \/ Listin Diario<\/figcaption><\/figure><\/div>\n\n\n\n

The Dominican Republic has made significant strides in its fight against money laundering, but gaps remain, according to Aileen Guzm\u00e1n Coste, director of the Financial Analysis Unit (UAF), attached to the Ministry of Hacienda. The UAF is an autonomous entity responsible for conducting analyses to identify and submit financial analysis reports to the Attorney General Office regarding potential money laundering violations, predicate offenses, and terrorism financing.<\/p>\n\n\n\n

In the interview with Listin Diario, Guzman Coste emphasized the continued need for vigilance as the country advances in combating money laundering and terrorism financing under Law 155-17. Guzm\u00e1n Coste confirmed that a new report on the expansion of associated risks will be released in April 2025.<\/p>\n\n\n\n

She says that early warnings have been issued for life insurance, vehicle dealers, including used cars and exemptions, and the construction sector, particularly concerning down payments for property purchases as areas vulnerable to illicit activities. The entity also looks into transactions of non-financial obligated entities such as betting shops and cooperatives. Likewise, investigations target resources generated by drug trafficking, fraud and cybersecurity, as reported in Listin Diario.<\/p>\n\n\n\n

The Dominican Republic is a member of GAFILAC (Financial Action Task Force of Latin America) and has been praised for its progress. In 2024, the country assumed the regional leadership of the Americas Group within the Egmont Group (2024-2026).<\/p>\n\n\n\n

Guzm\u00e1n Coste told the Listin Diario that the country has made notable advances in leveraging technology, such as machine learning, a technology that enables the analysis and prediction of data patterns to better identify and prioritize risks. Additionally, the Tax Agency (DGII) has implemented several regulations and strengthened tools, especially concerning non-financial obligated entities\u2014individuals and companies handling large sums of money that could be exploited for money laundering activities.<\/p>\n\n\n\n

She explains that emerging technological risks remain a significant concern, particularly with virtual assets such as Bitcoin, and their associated service providers. Bitcoin, a decentralized cryptocurrency, operates through a network of nodes, bypassing traditional banking systems.<\/p>\n\n\n\n

In 2017, corruption was officially recognized as a tax crime, now considered a predicate offense for money laundering.<\/p>\n\n\n\n

Guzm\u00e1n Coste also reflected on the results of the 2018 evaluation, which assessed the country\u2019s ability to mitigate risks and align with international standards. The Dominican Republic exceeded expectations in the fourth round of mutual evaluations by GAFILAC, receiving recommendations to strengthen the monitoring of non-financial obligated entities, such as lawyers, casinos, dealers, construction companies, and betting establishments.<\/p>\n\n\n\n

The National Anti-Money Laundering Committee, led by the Ministry of Hacienda, oversees the UAF\u2019s activities. This committee includes representatives from the Superintendencies of Banks, the Securities Market, the Attorney General Office, the Ministry of Defense, the National Drug Council, and the National Drug Control Agency.<\/p>\n\n\n\n

The Dominican Republic assumed the presidency of GAFILAC in 2022 and has continued to undergo national risk evaluations. It also rejoined the Egmont Group in 2018.<\/p>\n\n\n\n

In 2023, the country reinforced its financial intelligence reports, enhanced reporting protocols with non-financial obligated entities, and coordinated work plans with other member states in the Americas, including guidelines for financial reporting.<\/p>\n\n\n\n

As the UAF celebrates its 20th anniversary in June 2025, Guzm\u00e1n Coste emphasized key achievements, including the country\u2019s regional leadership within the Egmont Group (2024-2026) and the completion of the national risk assessment exercise. The UAF also made significant strides in implementing machine learning for automated suspicious transaction reporting, strengthening financial intelligence reports, and contributing to international recognition and participation in global anti-money laundering efforts.<\/p>\n\n\n\n

The UAF investigates non-financial obligated subjects, individuals or legal entities engaged in professional, commercial, or business activities that, due to their nature, may be susceptible to use in money laundering and terrorist financing activities. These include:
\u2022 Casinos, gambling establishments, lottery or betting operators, and lottery and gambling concessionaires.
\u2022 Factoring companies.
\u2022 Real estate agents involved in transactions related to the purchase or sale of real estate on behalf of clients.
\u2022 Traders dealing in precious metals, gemstones, and jewelry.
\u2022 Lawyers, notaries, accountants, and other legal professionals when they are involved in or arrange transactions for their clients in the following areas:
o The purchase, sale, or renovation of real estate.
o Management of the client\u2019s money, securities, or other assets.
o Administration of client bank, savings, or securities accounts.
o Organization of contributions for the creation, operation, or administration of businesses.
o Formation, operation, or administration of legal entities or other legal structures, and the buying and selling of business entities.
o Establishment of legal entities, their capital changes due to increases or decreases in capital, mergers, or splits, as well as the buying and selling of shares and partnership interests.
o Acting as an agent for the creation of legal entities.
o Acting (or arranging for someone else to act) as a director or authorized representative of a commercial company, a company partner, or a similar position regarding other legal entities.
o Providing a registered address, business address, physical space, postal address, or administrative address for a commercial company, society, or any other legal entity or structure.
o Acting or arranging for someone to act as a nominal shareholder for another person.<\/p>\n\n\n\n

Read more in Spanish:
Listin Diario <\/a>
UAF <\/a>
Frequently asked questions <\/a><\/p>\n\n\n\n

17 February 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

The Dominican Republic has made significant strides in its fight against money laundering, but gaps remain, according to Aileen Guzm\u00e1n Coste, director of the Financial Analysis Unit (UAF), attached to the Ministry of Hacienda. The UAF is an autonomous entity responsible for conducting analyses to identify and submit financial analysis reports to the Attorney General … <\/p>\n

Read more\u2026<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[337,3],"tags":[],"_links":{"self":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231414"}],"collection":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/comments?post=231414"}],"version-history":[{"count":6,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231414\/revisions"}],"predecessor-version":[{"id":231470,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231414\/revisions\/231470"}],"wp:attachment":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/media?parent=231414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/categories?post=231414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/tags?post=231414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}