CONGO TAKES AIM AT FINANCIAL CRIME AS REGULATORS GATHER IN BRAZZAVILLE
Joint Evaluation Mission Kicks Off in Brazzaville
A three-week joint evaluation mission by the Action Group against Money Laundering in Central Africa (GABAC) has begun in Brazzaville, Republic of Congo. The mission aims to assess the country’s efforts to combat financial crime and evaluate its technical compliance and effectiveness in implementing international standards against money laundering and terrorism financing.
Background on GABAC
The Action Group against Money Laundering in Central Africa (GABAC) is an institutional body headquartered in Libreville, Gabon. Its primary objectives include promoting norms, instruments, and standards against money laundering and terrorist financing across Central Africa. GABAC has been tasked by regional leaders with combating money laundering and terrorist financing, evaluating the effectiveness of anti-money laundering measures, and providing assistance to member states.
Key Objectives of the Joint Evaluation Mission
- To measure the technical compliance and effectiveness of Congo’s anti-money laundering and terrorist financing activities
- To examine whether the country has made sufficient progress in implementing international standards against money laundering and terrorism financing
- To identify vulnerabilities in the country’s anti-money laundering efforts and enable it to take corrective measures
Recent Developments in Congo’s Anti-Money Laundering Framework
The Congolese government has recently adopted a new law aimed at freezing assets linked to terrorism and its financing. The law, number 28-2021 of May 12, demonstrates the country’s commitment to strengthening its anti-money laundering framework.
Collaboration with International Organizations
The joint evaluation process is being conducted in collaboration with the Financial Action Task Force (FATF), represented in Congo by the National Interbank Fund (ANIF). The FATF has developed a methodology based on 40 recommendations and relevant community texts that will be used to assess Congo’s progress against financial crime.
Conclusion
The joint evaluation mission is a crucial step towards assessing Congo’s efforts to combat financial crime. By identifying vulnerabilities and taking corrective measures, the country can strengthen its anti-money laundering framework and promote a safer financial environment for all stakeholders.