The fight against money laundering and the financing of terrorism is a priority for the Congolese government, which is multiplying initiatives to strengthen its regulatory mechanisms in this area. During the 102nd meeting of the Council of Ministers held on Friday June 16, 2023, six new draft decrees were adopted by the government to strengthen the fight against money laundering and the financing of terrorism in the DRC.
The draft decrees proposed by the Minister of Finance, Nicolas Kazadi, aim to implement the recommendations of the Financial Action Task Force (FATF) with a view to strengthening the DRC’s system for the fight against money laundering and the financing of terrorism.
Among these draft decrees, the first relates to the creation, organization and functioning of the Steering and Monitoring Committee for the Execution of the Action Plan of the FATF International Cooperation Review Group (COPS-ICRG in abbreviation). The Committee’s mission is to coordinate, monitor and implement the FATF Action Plan, to remove the Democratic Republic of Congo from the list of “jurisdictions under enhanced surveillance”.
The Minister of Finance also proposed four other Decrees to align the existing structures for the fight against money laundering and terrorist financing with the new Law: the Draft Decree establishing the organization and operation of the National Financial Intelligence Unit ( CENAREF), the Draft Decree establishing the organization and functioning of the Consultative Committee for the Fight Against Money Laundering and the Financing of Terrorism and Proliferation (COLUB), the Draft Decree establishing the organization and functioning of a Public Establishment called “Fund for the Fight Against Organized Crime (FOLUCCO) and the Draft Decree establishing the organization and functioning of the Interministerial Committee for the Fight against Money Laundering and the Financing of Terrorism and Proliferation.
The latest draft decree presented by the Minister of Finance concerns the designation, organization and functioning of a Supervisory and Control Authority for Designated Non-Financial Businesses and Professions. This supervision mission is entrusted to the National Financial Intelligence Unit (CENAREF), in accordance with the prescriptions of this decree.
Since June 2022, the DRC has been placed under enhanced surveillance (ICRG Process) by the FATF, for the purpose of gradually assessing the degree and quality of the progress made with regard to its mutual evaluation. The objective of the draft decrees adopted at the meeting of the Council of Ministers held on June 16, 2023 is to strengthen the legislation to remove the DRC from this list..
The fight against money laundering and the financing of terrorism is a crucial issue in a context where many countries are threatened by terrorist groups. The DRC is particularly exposed to this risk, in particular because of its geographical position and the importance of its economy. The measures proposed by the government are in line with better regulation in this area and increased economic security for Congolese citizens.