Financial Crime World

Here is the rewritten article in Markdown format:

DR Congo’s Financial Sector Seeks to Stay Ahead of the Game with FATF Non-Membership

Kinshasa, Democratic Republic of Congo - The Democratic Republic of Congo (DRC) has taken significant steps to reform its financial framework, aiming to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. Despite being a non-member of the Financial Action Task Force (FATF), the DRC has been working to update its legal framework in line with international standards.

A New Era for Financial Regulation

The country’s legislative efforts have focused on strengthening preventive measures, introducing new obligations, and enhancing sanctions regimes. The National Financial Intelligence Unit (CENAREF) has been established to collect and process financial intelligence on money laundering and terrorist financing. An Interministerial Committee on Combating Money Laundering and the Financing of Terrorism and Proliferation (CILB) will coordinate government policy in this area.

Digital Innovation Boosts Financial Inclusion

The DRC is also embracing digital innovation, with a focus on fintech and electronic payments. The National Digital Plan (PNN) 2025 aims to promote technological advancements, including artificial intelligence, blockchain, and cloud computing. This shift towards digitalization will facilitate financial inclusion and boost economic growth.

Regulatory Framework Evolves

Law No. 22/068 has introduced several key changes to the regulatory framework, including the establishment of an Advisory Committee on the Fight Against Money Laundering and the Financing of Terrorism (CAFL). The committee will provide expert advice on matters related to financial intelligence gathering, analysis, and reporting.

A New Era for Banking Regulation

The DRC’s banking sector is also undergoing significant changes. Law No. 23/010 has established a new institutional framework for digitally enabled services, defining the roles of key players such as the Minister of Digital, the Digital Regulatory Authority, and the National Cybersecurity Agency.

Conclusion

The DRC’s efforts to reform its financial sector demonstrate a commitment to staying ahead of the game in terms of anti-money laundering and counter-terrorism financing measures. The country’s focus on digital innovation and fintech will help drive economic growth and increase financial inclusion. As the global financial landscape continues to evolve, it is essential for the DRC to remain vigilant and adapt its regulatory framework accordingly.

Sources

  • Law No. 22/068 (2022)
  • National Digital Plan (PNN) 2025
  • Law No. 23/010 (2023)

This article was written by a member of GLI’s international panel of experts, who has been exclusively appointed for this task as a leading professional in their field by Global Legal Group, GLI’s publisher.