Dominican Republic - The corruption prevention department of the Dominican Republic has begun an investigation into the suspected embezzlement of millions of pesos from the finance ministry's pensions and retirements department.
According to local reports, a group of people have already been implicated in the alleged fraud and two people on the pension payrolls were today called in for questioning.
Allegedly, those who benefited from the fraudulent activity were receiving monthly pension cheques that had been diverted. Names of deceased people were said to have been using for the cashing of said cheques.
The crime had been uncovered by the Dominican newspaper Diario Libre.
When the investigation began, 18 people were fired from the ministry department, including head Tulio Suncar, pensions assistant director Isabel Santana.
The probe will also be questioning informatics director Leonardo Rodriguez, who is reportedly a key figure in the investigation and Miguel Castro, head of payments.
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.