Strengthening Financial System in the Democratic Republic of Congo

The Democratic Republic of Congo (DRC) has been implementing various legislative developments aimed at preventing money laundering, terrorist financing, and proliferation of weapons of mass destruction. Here are some key points that highlight the country’s efforts to strengthen its financial system:

Legislative Framework

• The DRC has implemented several laws and regulations aimed at preventing illicit activities.
• These laws require financial institutions to implement certain preventive measures.

Preventive Measures

• Monitoring transactions above $10,000
• Identifying beneficial owners of operations
• Reporting suspicious activity

National Financial Intelligence Unit (CENAREF)

• CENAREF is a newly established institution that collects and processes financial intelligence on illicit activities.
• The unit plays a crucial role in supporting the government’s efforts to combat money laundering.

Interministerial Committee on Combating Money Laundering

• This committee is headed by the Minister of Finance and is responsible for defining, facilitating, and coordinating government policy in this area.
• The committee assists the Government in implementing national policy.

Fintech Developments

• There is an increasing interest in fintech in the DRC, with a focus on internet banking services, e-wallets, and other digital tools that encourage people to rely on the banking system.
• The National Digital Plan aims to promote technological innovation and development in areas such as artificial intelligence, blockchain, and electronic money.

National Digital Plan

• The plan promotes technological innovation and development in various sectors.
• It includes rules for electronic commerce, electronic advertising, and data protection.

Digital Code

• A recent law has established a framework for the digitally enabled services sector.
• The code provides rules for electronic commerce, electronic advertising, and data protection.