Money laundering common

[NewsWhore]

Customs Department (DGA) director Miguel Cocco says that money laundering is very common in the DR, and added that five businesses are currently under investigation. He made the comments after signing a cooperation agreement with the Attorney General's Office. Cocco said that so far this year, the DGA has already seized US$60 million in illegal assets compared to US$120 million seized in 2007. Cocco commented that in addition to detecting undeclared paper money, laundering operations also take the form of electronic transfer transactions. Cocco said the DGA is working closely with the AG's office to trace money transactions to ascertain the origins of the money and to curtail laundering operations.

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