UK Tightens Banking Regulations on Anti-Money Laundering in Congo, Democratic Republic

UK Designates M23 Rebel Group Official to Combat Money Laundering and Terrorist Financing

In a move aimed at preventing the flow of illicit funds through the financial system, the UK has updated its sanctions list to include Willy Ngoma, a high-ranking official from the M23 rebel group in the Democratic Republic of Congo.

Designation by the United Nations

Willy Ngoma, a Major and military spokesperson for M23, was added to the list on February 20, 2024, following his designation by the United Nations. This move is part of efforts to combat money laundering and terrorist financing in the region.

Accusations and Suspicions

According to the UK’s Sanctions List, Ngoma is accused of:

• Planning, directing, and committing acts that constitute human rights violations or abuses
• Attacks on civilians and international humanitarian law
• Acting on behalf of or at the direction of an entity owned or controlled by a designated individual or entity

Financial Institutions Required to Comply

As a result of his designation, financial institutions in the UK are required to:

• Freeze any assets held by Ngoma
• Report their findings to the Financial Intelligence Unit (FIU)

Failure to comply with these regulations is a criminal offense.

Anti-Money Laundering Measures

The update comes as part of the UK’s efforts to implement anti-money laundering measures in accordance with the Sanctions and Anti-Money Laundering Act 2018. The move is also aimed at supporting international efforts to bring stability and security to the Democratic Republic of Congo.

What Financial Institutions Need to Do

Financial institutions and other persons are advised to:

• Check their records for any accounts or funds held by Ngoma
• Take necessary action as required by law

Further information on the sanctions regime related to the Democratic Republic of Congo can be found on the Isle of Man Government website.