Financial Crime World

Financial Crimes Definition in Congo, The Democratic Republic of

The Financial Action Task Force (FATF) has released its latest report on Congo, The Democratic Republic of, highlighting the country’s progress and challenges in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Progress Made

Congo has made significant improvements in several areas. Specifically:

  • Assessing Risk and Applying a Risk-Based Approach: Congo has made progress in assessing risk and applying a risk-based approach, as well as strengthening national cooperation and coordination.
  • Money Laundering Offenses and Confiscation: The country has implemented effective money laundering offenses and confiscation and provisional measures.
  • National Cooperation and Coordination: Congo has strengthened its national cooperation and coordination to combat financial crimes.

Challenges Remaining

However, Congo still faces challenges in certain areas. Specifically:

  • Targeted Financial Sanctions: The country has struggled to implement targeted financial sanctions related to terrorism and terrorist financing, as well as non-profit organizations.
  • Regulation and Supervision of Financial Institutions: Congo needs to improve its regulation and supervision of financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions).
  • Non-Profit Organizations: The country still faces challenges in implementing effective measures for non-profit organizations.

Rating

Congo has been rated “Largely Compliant” (LC) in several areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offenses
  • Confiscation and provisional measures
  • Correspondent banking

The country has also made progress in implementing certain requirements, such as customer due diligence, record keeping, and political exposed persons. However, it still faces challenges in other areas.

Areas for Improvement

Congo needs to improve its:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of DNFBPs
  • Financial intelligence units
  • Responsibilities and powers of law enforcement and investigative authorities
  • International instruments

The country has been rated “Partially Compliant” (PC) in several areas, including confiscation and provisional measures, terrorist financing offenses, customer due diligence for DNFBPs, other measures for DNFBPs, and cash couriers.

Conclusion

Overall, the report highlights Congo’s progress in implementing AML/CFT measures, but also identifies areas where the country needs to improve. The FATF will continue to monitor Congo’s progress and provide guidance and feedback to help the country strengthen its AML/CFT framework.