do business in the Dominican Republic - Pellerano & Herrera

DOING BUSINESS INTHE DOMINICAN REPUBLIC3. Office for Custody and Management of Seized Assets: This is an institutionattached to the National Committee Against Money Laundering. Its main purposeis to guard, administrate and sale assets seized because of the perpetrationof any of the offenses provided in the law. It is entitled to enter into agreementswith private companies, whether national or foreign, and to manage the seizedassets.c) OffensesFor the purposes of Law 72-02, any person that knowingly makes any of the followingtransactions with goods, funds or instruments obtained from a seriousoffense perpetrates money laundering:To exchange, transfer, transport, purchase, hold, use or manage such property;To hide, conceal or prevent that the real nature, origin or movement of therights over such property be determined.To associate, assist, facilitate or advise for the perpetration of any of theprevious activities.d) SanctionsPersons committing the crime of money laundering shall be punished withimprisonment of 3 to 20 years and fines of 50 to 200 minimum salaries, dependingon the particular circumstances of the case and the occurrence of any aggravatingfactors such as the participation of organized criminal groups, the associationof persons to commit the crimes, and others.Precautionary Measures. Use of Seized PropertyAny seized funds and goods shall be inventoried and transferred to the Officefor Custody and Management of Seized Property.Under its Article 9 and following, the law provides that when a money launderingcase is under investigation, the competent judicial authority may at any timeorder the provisional seizure of property in order to ensure the preservation ofthe goods, products or instruments related to the offense until a final judgmenthas been rendered.Goods in danger of being deteriorated or that require permanent action for theirpreservation, shall be sold at public auction or bid provided the owner of theproperty does not object.The sums obtained from the sale shall be placed onDeposit Certificates of the State-owned commercial bank (“Banco de Reservasde la República Dominicana”) until a final judgment has been rendered.Confiscation of PropertyPursuant to Articles 31 and following of the law, when there has been infringement,the court shall order the confiscation of the goods, products or instrumentsrelated to the crime or the payment of a fine for the same value.In the case of confiscated property obtained from illegal drug-trafficking, theNational Committee against Money Laundering shall use it as follows:15% for institutions dedicated to rehabilitation of drug addicts;30