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EU Takes Action Against Money Laundering and Terrorist Financing Risks in Congo, Democratic Republic of
The European Union has taken decisive action against money laundering and terrorist financing risks in Congo, Democratic Republic of by identifying it as a high-risk third country with strategic deficiencies in its anti-money laundering and counter-terrorism financing regime.
Why the EU took this decision
According to the latest list published by the EU on December 12, 2023, Congo, Democratic Republic of is one of several countries identified as having significant weaknesses in their financial systems, posing threats to the integrity of the EU’s financial system and internal market. The listing follows a rigorous assessment process conducted by the Commission, which considered factors such as:
- Economic ties with the EU
- Financial sector size
- Systemic impact on the EU’s financial system
EU’s methodology for identifying high-risk countries
As part of its efforts to combat global money laundering and terrorist financing, the EU has established a methodology for identifying high-risk countries. The process involves:
- Pre-assessment
- Assessment
- Listing
- Monitoring of countries’ progress in addressing strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes
Goal of the EU’s decision
The EU’s decision to identify Congo, Democratic Republic of as a high-risk country is aimed at:
- Protecting the integrity of its financial system and internal market
- Reinforcing internal security
- Promoting sustainable development
The move is also expected to reinforce international cooperation with other countries and organizations in the fight against money laundering and terrorist financing.
Other countries identified as high-risk by the EU
In addition to Congo, Democratic Republic of, several other countries have been identified as high-risk third countries by the EU, including:
- Afghanistan
- Barbados
- Burkina Faso
- Cameroon
- Haiti
- Iran
- Jamaica
- Mali
- Mozambique
- Myanmar
- Nigeria
- North Korea
- Panama
- Philippines
- Senegal
- South Africa
- South Sudan
- Syria
- Tanzania
- Trinidad and Tobago
- Uganda
- United Arab Emirates
- Vanuatu
- Vietnam
- Yemen
FATF recommendations
The EU’s listing of high-risk countries is based on the recommendations provided by the Financial Action Task Force (FATF), a global standard setter on anti-money laundering and counter-terrorism financing. The FATF identifies jurisdictions having strategic deficiencies in their regimes to counter money laundering and terrorist financing.