Congo: AML/ CFT Regulations Under Scrutiny as Country Listed by FATF and EU
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The Democratic Republic of Congo has been officially listed by the Financial Action Task Force (FATF) as a jurisdiction under increased monitoring in October 2022, marking a significant development in the country’s anti-money laundering, counter-terrorism financing, and proliferation financing efforts. The European Union also followed suit in March 2023, adding the DRC to its list of high-risk third countries.
Increased Monitoring and Technical Assistance
As a result, the Congolese government will be working closely with the FATF and technical assistance providers to address strategic deficiencies in its regime aimed at combating money laundering, terrorist financing, and proliferation financing. The country is expected to make significant strides in improving its anti-money laundering and counter-terrorism financing framework, as outlined under the Fourth and Fifth Anti-Money Laundering Directives.
EU Global Facility Scoping Mission
In a related development, the EU Global Facility on AML/CFT conducted a scoping mission to the DRC in August 2022. The mission aimed to assess the country’s request for support to enhance its anti-money laundering and counter-terrorism financing measures and improve its overall framework.
Key Activities and Training Delivered
As part of this initiative, the EU Global Facility team has delivered:
- Training and activities aimed at empowering local authorities and relevant stakeholders to address strategic deficiencies in the national anti-money laundering and counter-terrorism financing framework.
- Technical assistance to support the Congolese government’s efforts to improve its AML/CFT regime.
By working closely with international partners and implementing reforms, the Democratic Republic of Congo is expected to strengthen its anti-money laundering and counter-terrorism financing measures, ultimately reducing the risks associated with money laundering, terrorist financing, and proliferation financing.