On November 14, 2018, the Silver team attended the event THINK ECONOMICS: “An X-ray of the Dominican Economy and Opportunities
Under the New Anti-Money Laundering Law”, organized by the Dominican-Swiss Chamber of Commerce and Tourism in its seventh edition. The event brought together experts in the Dominican economy, such as economists Ernesto Selman, Alejandro Fernández W., and Jaqueline Mora, as well as specialists in the new Anti-Money Laundering and Terrorism Financing Law, including Jean Alain Rodríguez, Attorney General of the Dominican Republic; Laurence Birnbaum-Sarcy, lead partner at KPMG USA; and Adewilxe Castillos, senior consultant at OMG.
The excellent presentation by the panelists covered highly relevant topics concerning the Dominican economy. Economist Alejandro Fernández began by highlighting the strong performance of Dominican private credit, positioning household credit as a key pillar of the loan portfolio. He also pointed out the deceleration this sector has experienced in recent years, reaching its lowest levels at 10.5% as of October 26 of that year. The economist stated that for 2019, a slight moderation in economic growth was expected, along with institutional stability, general macroeconomic stability with exchange rate pressures, limited access to international credit, fiscal stagnation, and challenges in the energy sector, among other issues.
Ernesto Selman focused his presentation on the consequences of weak institutional order, explaining how it can affect the proper functioning of economic activity.
Jacqueline Mora concluded the economists’ session by presenting growth projections with a deceleration trend for 2019-2020, highlighting expected growth rates of 5.6% and 5.1%, respectively. She also noted that the exchange rate would likely depreciate by 4.6% in 2019 and 3.3% in 2020, while employment was projected to grow by 3.5% in 2019 and 2.6% in 2020. After outlining the Dominican Republic’s outlook for the coming years, Mora shifted her presentation to the evolving consumption patterns of Dominicans, which are expected to undergo significant changes due to international energy reforms and new developments in the Dominican transportation system.
In a second session, the Attorney General introduced the discussion on the new Anti-Money Laundering Law 155-17, emphasizing that its primary purpose is to improve the business environment in the Dominican Republic. Furthermore, expert Laurence Birnbaum-Sarcy provided a broad perspective on anti-money laundering measures, highlighting the challenges and opportunities that the law presents for the country and the necessity of its implementation. To conclude the event, attorney Adewilxe Castillos elaborated on the key updates introduced by the new law compared to the previous one, its main objectives, and the obligated parties it covers.