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For decades, restructuring and insolvency matters in the Dominican Republic involving merchants and companies in non-regulated industries have been carried out on a “de facto” basis, due to the obsolescence of the existing legal framework and institutions. Fortunately, that is not the case anymore. As a member of the World Trade Organization, the Dominican Republic has entered into a number of international commercial agreements and conventions, which in turn has propelled the necessity to modernise the…
In an effort to bring the Dominican legal framework up to date with new international standards, on June 1, 2017, the Executive Power of the Dominican Republic promulgated the new Anti-money Laundering and Terrorist Financing Act 155-17 (“New Law”). The New Law overhauls the Anti-money Laundering Act 72-02 of June 7, 2002, to allow for a more adequate, coherent and contemporary legal framework. The New Law aims to regulate more efficiently money laundering and terrorist…