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Congoles Government Tightens Financial Laws to Combat Money Laundering and Terrorism

KINSHASA, CONGO - The Congolese government has introduced sweeping reforms to its financial laws aimed at combating money laundering and terrorism. These reforms are designed to enhance transparency and accountability in the country’s banking system.

Establishment of National Financial Intelligence Unit (CENAREF)

The measures include the establishment of CENAREF, which will be responsible for collecting and processing financial intelligence on money laundering and terrorist financing. The unit will also prepare quarterly and annual reports on its activities, which will be sent to the Minister of Finance.

Interministerial Committee on Combating Money Laundering and Financing of Terrorism and Proliferation (CILB)

An Interministerial Committee has been established to define, facilitate, and coordinate government policy in this area. The committee will be headed by the Minister of Finance and seconded by the Minister of Justice.

Advisory Committee on the Fight Against Money Laundering and Financing of Terrorism and Proliferation (COLUB)

An Advisory Committee has also been set up to assist the government in defining and implementing national policy in this area.

Preventive Measures

The reforms introduce a number of preventive measures aimed at detecting and preventing money laundering and terrorist financing, including:

  • The provision that any transaction in Congolese francs or other currency in an amount equal to or greater than US$10,000 may not be paid in cash or by bearer security.
  • The obligation for anyone entering or leaving the country to complete a statement of cash and negotiable instruments.
  • The obligation for all taxable persons to exercise constant vigilance and inform CENAREF of any suspicious transactions.

Stricter Sanctions

The reforms also introduce stricter sanctions for those found guilty of money laundering, terrorist financing, and proliferation of weapons of mass destruction. These include:

  • Freezing and seizure of assets
  • Increased sentencing for offenders

Digital Transformation in the Congolese Financial Sector

In addition to the financial law reforms, the Congolese government has also been actively promoting digital transformation in the country’s financial sector. The National Digital Plan (PNN) - Horizon 2025 aims to promote the development and publication of digital technologies such as artificial intelligence, blockchain, and electronic money.

Adoption of Law No. 23/010

The plan has already led to the adoption of Law No. 23/010 of 13 March 2023 on Digital Code, which defines the institutional framework for the digitally enabled services sector. The law establishes a range of preventive verification systems and general principles and obligations applicable to the sector.

Conclusion

The reforms introduced by the Congolese government aim to enhance transparency and accountability in the country’s banking system and combat money laundering and terrorism. The digital transformation initiatives also demonstrate the government’s commitment to promoting innovation and development in the financial sector. As the global financial landscape continues to evolve, it is clear that constant adaptation and reform will be necessary to ensure the efficient and secure functioning of the Congolese financial system.