Strengthening Banking and Financial Laws in the Democratic Republic of Congo
Recent Developments and Changes
The Democratic Republic of Congo (DRC) has been working to enhance its banking and financial laws, introducing several new institutions, strengthened preventive measures, and promoting digitization. Here are some key points that highlight these developments:
New Institutions Established
- National Financial Intelligence Unit (CENAREF): A new institution established to combat money laundering and terrorist financing.
- Interministerial Committee on Combating Money Laundering and the Financing of Terrorism and Proliferation (CILB): An inter-ministerial committee formed to tackle issues related to money laundering, terrorism, and proliferation.
Strengthened Preventive Measures
- Taxable persons are now required to constantly monitor transactions and report any suspicions of money laundering or terrorist financing.
- These measures aim to prevent illicit financial activities and protect the integrity of the financial system.
Sanctions Regime
The law provides for conservative measures such as:
- Freezing assets
- Seizure of property related to money laundering, terrorism, and proliferation of weapons of mass destruction
These sanctions serve as a deterrent against individuals or organizations engaging in illicit activities.
Digitization and National Digital Plan
The DRC is embracing digitization with:
- Increasing diffusion of internet banking services: More people are turning to online banking services.
- E-wallets and digital tools: The use of e-wallets and other digital tools is becoming more popular.
- National Digital Plan (PNN): Horizon 2025 aims to promote artificial intelligence, connected objects, the Internet of Things, and other digital technologies.
New Law: Digital Code
A new law, Law No. 23/010 of 13 March 2023, has been adopted to define the institutional framework for the digitally enabled services sector in the DRC.
Overall, the DRC is taking significant steps to strengthen its banking and financial system, promoting a more secure and digitized environment for economic growth and development.