Money Transmitters, Remittances, Exchange Rates, and Mechanisms for Money Laundering in the Dominican Republic
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The estimated US$1.138 billion in remittances sent from Dominican expatriates back to the Dominican Republic is the country’s most consistent and perhaps largest source of dollars. Without these dollars, the D.R. would run large trade deficits and eventually would be forced to greatly reduce its imports of consumer goods. Dominican based international money transmitters heavily compete to transfer annually an estimated US$892 million to the D.R. On top of this, returning expatriates carry back to the D.R. another US$246 million. While many of the transfers made by transmitters are bona fide remittances, weak points in the U.S. regulatory system and the loose affiliation between transmitters and their retail collection points create ample opportunity for money laundering.
KeywordsDominican Republic Money Laundering Travel Agent North American Free Trade Agree License Holder
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