By Iris Villafaña, Junior Lawyer
The National Committee Against Money Laundering and Financing of Terrorism (CONCLAFIT) on 30 July 2021 issued Resolution No. 01-2021. This resolution updates the administrative fines provided for in Articles 74, 75 and 78 of Law 155-17.
In this regard, the DGII has informed the new amounts of fines for Non-Financial Regulated Entities:
– Very SeriousAdministrative Infringement
- A fine of RD$2,111,001.06 to RD$4,222,000.00.
– SeriousAdministrative Infringement
- A fine of RD$1,055,501.06 to RD$2,111,000.00.
– MinorAdministrative Infringement
- A fine of RD$316,650.00 to RD$1,055,500.00.
-Very Serious Administrative Offences Committed by Managers
- Fine of RD$523,750.00 to RD$ 3,166,500.00
We recall that in accordance with Law 155-17, non-financial regulated entities are considered to be natural or legal persons engaged in other professional, commercial or business activities which by their nature are likely to be used in money laundering and terrorist financing activities. These include: casinos, betting banks, factoring companies, real estate agents, jewellers, construction companies, vehicle dealers, pawnshops, and lawyers and notaries who carry out the activities that fall within the scope of the law.
Any company or individual engaged in any of these business activities is required by law to set up a compliance programme in accordance with the requirements of the Money Laundering Act.
At Ulises Cabrera we have a unit specialised in money laundering prevention and compliance programmes. Contact us at [email protected]
