Financial Crime World

Central African Republic Faces Tougher Anti-Money Laundering Measures

The United Kingdom has strengthened its financial sanctions regime to combat the spread of illegal activities in the Central African Republic. The updated regulations aim to prevent individuals and entities involved in human rights violations, international humanitarian law breaches, and other malicious activities from accessing UK-based assets or conducting financial transactions.

UK Sanctions List Updated

The Central African Republic (Sanctions) (EU Exit) Regulations 2020 were updated on June 13, 2024, to impose financial sanctions on individuals and entities linked to the Wagner Group, a Russian private military company accused of committing atrocities in the country. The sanctions freeze funds and economic resources of designated persons and entities, preventing them from accessing UK-based assets or conducting financial transactions.

New Additions to the Sanctions List

The latest additions to the UK Sanctions List include:

  • DIAMVILLE: associated with the Wagner Group, which has been accused of violating international humanitarian law in the Central African Republic, including targeting civilians.
  • WOOD INTERNATIONAL GROUP SARLU (also known as Bois Rouge): accused of being involved in activities that undermine or threaten the peace, stability, and security of the country.

Reporting Suspected Breaches

The UK government’s Office of Financial Sanctions Implementation (OFSI) has urged financial institutions and individuals to report any suspected breaches of these sanctions to prevent illegal activities from going undetected. The OFSI can be contacted at ofsi@hmtreasury.gov.uk.

Impact on Individuals and Entities

The updated regulations demonstrate the UK’s commitment to combating money laundering, terrorist financing, and other illicit activities in the Central African Republic. The measures are expected to have a significant impact on individuals and entities involved in these activities.

Compliance Guidance

For more information on how to comply with these sanctions, please visit the UK government’s financial sanctions guidance webpage at https://www.gov.uk/government/publications/financial-sanctions-faqs.