INFORMATION
Prevention of illicit activities known as Money Laundry

The Superintendence of Banks from the Dominican Republic has created an Instructive guide which contains a set of practices, that prevents and presents the institutions of the National Financial System, Agents of Change and other institutions specified in Article no. 7 of the Decree no. 288-96, which is "The illegal activity known as Money Laundry".

The main objective of this material is to present to retailers, industrialists, authorities and all those people related in any way with these organizations, everything related to "Money Laundry” Also, the Superintendence of Banks, organization of the National Financial System, the Agents of Change and other institutions must fulfill the parameters set on Article no. 7 of Decree no. 288-96 and this Guide.

The prevention of this illicit activity has been based on diverse principles:

• The need for the financial institutions to have a harmonious base, whose efforts go directed to the prevention of illicit actions through the services that they offer.
• Moral and professional commitment that must keep the shareholders, directors and employees of these institutions to avoid that the services offered are used to legitimized funds as the result of illicit actions.
• The obligation of the signatory institutions to offer to the authorities all type of collaboration, as it is established in decree no. 288-96 of the 5 of August of 1996 .
• The Dominican State must effectively adopt and apply efficiently the obligations contained in the convention of the United Nations of 1988 and the recommendations contained in the act of understanding between the governments members of the group Financial Action of the Caribbean (GAFIC), of which the country is signatory.
• It would be very healthy and enriched for the signatory institutions, to formulate and to implement a set of specific norms that serves as scheme to prevent the money laundering.