Economy July 23, 2019 | 9:54 am

Sharing bank account information would ‘harm’ financial sector

Santo Domingo.- The economist Antonio Ciriaco Cruz on Mon. said that the exchange of bank account information would harm the sector’s operations, since the most relevant participants in the implementation of that law are the institutions that make up the Dominican financial system.

“The Dominican financial system will have to adapt to obtain the information to be reported, such as customer identification processes and withholding application (to name a few basic elements); in addition, all this without any direct or indirect compensation from the United States Internal Revenue Service (IRS), just for the fact of maintaining business relationships with the most powerful economy in the world,” Cruz told Listín Diario.

He said the measure could cause a process of disintermediation. “The Dominican financial system will have to adapt to obtain the information to report.”