CONGO TAKES STEPS TO COMBAT FINANCIAL CRIME, BUT REMAINS VULNERABLE IN KEY AREAS
The Congolese government has made significant progress in implementing measures to combat financial crime and money laundering. However, a recent review of the country’s regulatory framework highlights areas where improvement is needed.
Progress Made by CONGO
- The regulation and supervision of financial institutions (R.27) are in compliance.
- The powers of supervisors (R.27) are also in compliance.
- A financial intelligence unit has been established (R.29).
- Progress has been made in implementing measures to prevent money laundering and terrorist financing.
Vulnerabilities Remain
However, CONGO remains vulnerable in several critical areas:
- Customer due diligence requirements for DNFBPs (R.22) are only partially compliant.
- Regulation and supervision of DNFBPs (R.28) remain non-compliant.
- Transparency and beneficial ownership of legal persons (R.24) remain non-compliant.
Recommendations for Improvement
To address these vulnerabilities, the Congolese government must take concrete steps to strengthen its regulatory framework and improve enforcement mechanisms:
- Enhance customer due diligence requirements for DNFBPs.
- Improve transparency and beneficial ownership of legal persons.
- Strengthen regulation and supervision of DNFBPs.
International Support
The international community can play a role in supporting CONGO’s efforts to combat financial crime by providing technical assistance and capacity-building programs to help the country strengthen its regulatory framework and improve enforcement mechanisms.
Conclusion
By addressing these vulnerabilities and implementing effective measures to combat financial crime, CONGO can reduce the risks of money laundering and terrorist financing and promote a more stable and secure financial system.