Financial Crime World

Financial Crime Reporting Requirements: Corrections to the Democratic Republic of Congo (DRC) Regime

The Isle of Man Government has announced corrections to one entry under the DRC regime concerning financial crime reporting requirements. These updates pertain to the Democratic Republic of Congo (Sanctions) (EU Exit) Regulations 2019, which were enacted under the Sanctions and Anti-Money Laundering Act 2018.

Democratic Republic of Congo Sanctions Regime

The Democratic Republic of Congo (DRC) Sanctions Regime was established to freeze funds and economic resources of individuals, entities, or bodies involved in commissioning serious human rights violations, abuses, or violations of international humanitarian law in the DRC, obstructing or undermining respect for democracy, or impeding disarmament, demobilization, and reintegration processes. The Regulations came into effect in the Isle of Man through the Democratic Republic of the Congo Sanctions (Application) Regulations 2020.

Corrections Announced

An update regarding the corrections was made on February 23, 2024, by the Foreign, Commonwealth and Development Office (FCDO). The details of the individuals and entities subject to these sanctions can be found on the FCDO website (see UK Sanctions List).

Update to Willy NGODA’s Entry

Among the corrections, there was a significant change to the entry of Willy NGODA. The updated information on Willy NGODA is as follows:

  • Name: Willy NGODA
  • Date of Birth: –/–/1974
  • Address: Democratic Republic of the Congo
  • Position: Major and Military spokesperson for M23
  • Nationality: Democratic Republic of the Congo
  • Other Information:
    • UK Sanctions List Ref: DRC0070
    • UN Ref: CDi.044
    • Listed pursuant to paragraphs 7 (c), 7 (e), and 7 (h) of Resolution 2293 (2016) as political and military leaders of Congolese militias receiving support from outside the DRC, those involved in human rights violations or abuses and violations of international humanitarian law, and those acting on behalf of or at the direction of an entity owned or controlled by a designated individual or entity.

Financial institutions and other persons must check if they maintain any accounts or hold funds for designated individuals, freeze such accounts, and report their findings to the Financial Intelligence Unit (FIU).

Failure to Comply with Regulations

It is important to note that failure to comply with financial and trade sanctions regulations or attempting to circumvent them is a criminal offence.

Previously Reported Cases

Institutions that have already reported details of frozen funds or economic resources for designated persons are not required to report this information again.

More Information

For further information and details on the UN measures in respect of the DRC, visit the relevant UN Sanctions Committee webpage. For more information on the DRC sanctions regime and related financial sanctions regimes, consult the Customs and Excise pages on the Isle of Man Government website.