Financial Crime World

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Assessment Report on Democratic Republic of Congo’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) System

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Key Points

  • Limited Capacity and Moral Integrity: Investigators and magistrates in the DRC lack capacity and moral integrity to effectively combat money laundering and terrorism financing.
  • Weak Legislative and Regulatory Framework: Some Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) are outside the scope of AML/CFT preventive measures due to weaknesses in the legal framework.
  • National Risk Assessment: The DRC conducted a national risk assessment in 2013, but it was not approved, and another exercise was underway at the time of the site visit.
  • Lack of Comprehensive AML/CFT Strategy: Despite adopting a sectoral anti-corruption policy, the country lacks a comprehensive AML/CFT strategy to effectively combat money laundering and terrorism financing.
  • National Coordination: The DRC has created the Committee to Combat Money Laundering and the Financing of Terrorism (COLUB), but its lack of resources prevents it from holding meetings and adopting measures to refine a coherent national AML/CFT strategy.
  • CENAREF: CENAREF is an administrative financial intelligence unit that analyzes and submits information related to money laundering and terrorism financing to judicial authorities, but it lacks capacity and resources.

Recommendations

Strengthen Capacity and Moral Integrity

  1. Enhance the capacity and moral integrity of investigators and magistrates to effectively combat money laundering and terrorism financing.

Improve Legislative and Regulatory Framework

  1. Enhance the legislative and regulatory framework to ensure all FIs and DNFBPs are within the scope of AML/CFT preventive measures.

Finalize National Risk Assessment and Develop Comprehensive AML/CFT Strategy

  1. Finalize a comprehensive national risk assessment and develop an effective national AML/CFT strategy.

Enhance COLUB Resources

  1. Provide COLUB with adequate resources to enable it to hold regular meetings and adopt measures to refine a coherent national AML/CFT strategy.

Improve CENAREF Capacity and Resources

  1. Enhance the capacity and resources of CENAREF to enable it to effectively analyze and submit information related to money laundering and terrorism financing.

Conclusion

These recommendations aim to strengthen the DRC’s AML/CFT system, improve its effectiveness in combating money laundering and terrorism financing, and align with international standards.