Congo: AML/CFT Regulations by Country
The European Commission has recently amended Delegated Regulation (EU) 2016/1675 to add the Democratic Republic of Congo, Gibraltar, Mozambique, Tanzania, and the United Arab Emirates to Table I of the Annex. This regulation aims to ensure the effective protection of the integrity and proper functioning of the financial system and the internal market of the European Union from money laundering and terrorist financing.
Background
The European Commission identifies countries with strategic deficiencies in their Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regimes that pose significant threats to the financial system of the Union. The Commission takes into account recent available information, including:
- Recent Financial Action Task Force (FATF) Public Statements
- FATF list of ‘Jurisdictions under Increased Monitoring’
- FATF reports of the International Cooperation Review Group in relation to the risks posed by individual third countries
Country Updates
United Arab Emirates
The United Arab Emirates made a high-level political commitment in February 2022 to work with the FATF and the Middle East and North Africa Financial Action Task Force to strengthen its AML/CFT regime. While the country has demonstrated positive progress, including:
- Providing additional resources to the Financial Intelligence Unit (FIU) to strengthen FIU analysis
- Providing financial intelligence to Law Enforcement Authorities and Public Prosecutors for combating high-risk ML threats
concerns that led to its listing by the FATF have not yet been fully addressed.
Gibraltar
Gibraltar made a high-level political commitment in June 2022 to work with the FATF and MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe, to strengthen its AML/CFT regime. The country has made progress on a significant number of its MER’s recommended actions since the adoption of its MER in December 2019.
Democratic Republic of Congo, Mozambique, and Tanzania
These countries have been identified as having strategic deficiencies in their AML/CFT regimes. The FATF identified significant strategic deficiencies in their AML/CFT regimes, resulting in the countries being listed as ‘Jurisdictions under Increased Monitoring’.
High-Risk Third Countries
As of today, the following countries are identified as high-risk third countries:
- Afghanistan
- Barbados
- Burkina Faso
- Cambodia
- Cayman Islands
- Democratic Republic of the Congo
- Gibraltar
- Haiti
- Jamaica
- Jordan
- Mali
- Morocco
- Mozambique
- Myanmar
- Panama
- Philippines
- Senegal
- South Sudan
- Syria
- Tanzania
- Trinidad and Tobago
- Uganda
- United Arab Emirates
- Vanuatu
- Yemen
Commission’s Delegated Regulation
The Commission’s Delegated Regulation (EU) 2023/410 of 19 December 2022 amending Delegated Regulation (EU) 2016/1675 is available [here](link to the regulation).