The Centre's regulatory structure will operate in accordance with international standards of integrity, transparency and compliance, including anti-terrorist and anti-money laundering measures, as well as with international principles of oversight and good governance, as set forth by Law No. 480-08 on International Financial Zones in the Dominican Republic. It will be adaptable to future trends, balancing ethical and practical credibility to provide an effective regulatory structure pursuant to international standards.
The law to enable the creation of International Financial Zones, and importantly an independent regulatory body, was approved by the Congress of the Dominican Republic. Its provisions establish a sophisticated regulatory framework, its primary goals, and sets the infrastructure on which future regulations shall be developed.
The regulatory framework will be:
- Designed for the international financial market
- Positive, flexible, dynamic and disciplined
- Market friendly, giving industry participants a voice in the development and application of regulation
- Designed to lower the cost of doing business while raising efficiency
- Administered by a group of the world's leading expert regulators
It has five primary goals:
- To provide assurance and inspire confidence
- To accompany the constant innovation of the market
- To remove the onerous monitoring of low-risk transactions
- To ensure scrupulous levels of oversight, anti-money laundering and anti-terrorist financing
- To remain fully compliant with government requirements and internationally accepted standards and best practices
Its officers will be world-renowned experts and professionals dedicated to ensuring the highest possible standards of probity and governance.