Tax dodgers, money launderers, terrorism funders beware

Santo Domingo.- Internal Taxes director, Magín Díaz, on Thurs. urged productive sectors and individuals to be apprised of Law 155-17,  on money laundering and terrorism financing, and “be very careful with evasion,” because a key issue lies in identifying the final beneficiaries.

“It’s necessary to understand that the world has changed and that the country is being evaluated by international organizations on money laundering and the sanctions are very drastic,” the official in a gathering hosted by the Dominican Merchants Federation (Cadeco) held in a local hotel.

“That’s why the Government embarked on this new law on laundering and the preparation of various institutions,” he said, alnd stressed that the country has made significant progress and that the first results will be announced in six months.

Accompanied by retail mogul José Luis (Pepín) Corripio who delivered a speech on employment, Diaz revealed that the law now guarantees banking access to the DGII without a court order. “Before, a process had to be exhausted, but now the modification of the Securities Market Law breaks that barrier of bank secrecy.”