Financial Crime World

Regulatory Bodies for Financial Crimes in Congo, The Democratic Republic of: Willy Ngoma’s Designation Sparks Fresh Sanctions Concerns

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In a significant move aimed at combating financial crimes and human rights abuses in the Democratic Republic of Congo (DRC), Willy Ngoma has been designated by the UK government under its sanctions regime. As of February 23, 2024, all individuals and organizations are required to freeze their assets and refrain from dealing with any funds or economic resources linked to Ngoma.

Background

Willy Ngoma is a key military spokesperson for the M23 rebel group in the DRC, known for its human rights violations and obstruction of democratic governance. His designation under paragraphs 7(c), 7(e), and 7(h) of UN Resolution 2293 (2016) as well as reaffirmed by paragraph 2 of UN Resolution 2688 (2023) underscores his role in planning, directing, and committing acts that constitute human rights violations or abuses.

Consequences

Financial institutions and individuals are advised to:

  • Check their accounts for any links to Ngoma
  • Report any findings to the Financial Intelligence Unit (FIU)
  • Comply with financial sanctions legislation, failure of which is a criminal offense

The Isle of Man Government has also updated its Consolidated List, which provides details on designated individuals under sanctions legislation.

Context

The DRC government has been criticized for its failure to address human rights abuses and corruption, prompting international pressure to impose targeted sanctions against key figures involved in these violations. Ngoma’s designation is seen as a significant step towards combating financial crimes and promoting accountability in the region.

Further Information

For more information on the UN measures in respect of the Democratic Republic of Congo, please visit the relevant UN Sanctions Committee webpage. Details on the Isle of Man Government’s sanctions regime and links to other financial sanctions regimes are available on its Customs and Excise pages.