Title: Strengthened collaboration between CENAREF and ARCA in the fight against money laundering and the financing of terrorism
Introduction :
The Financial Intelligence Unit (CENAREF) and the Insurance Regulatory and Control Authority (ARCA) of the Democratic Republic of Congo have recently strengthened their collaboration to combat money laundering and terrorist financing. This union of the two structures, to which is added the Central Bank of Congo (BCC), testifies to the country’s commitment to fight against these scourges which threaten economic stability and national security. In this article, we will explore the measures taken by CENAREF and ARCA, as well as the risks faced in the financial sector and the insurance sector.
The risks of money laundering and terrorist financing in the financial sector:
According to CENAREF Executive Secretary Adler Kisula, financial institutions present high risks of money laundering and terrorist financing. These risks are mainly linked to the significant use of cash and failures in control mechanisms. The banking sector, microfinance and money transfer companies are particularly vulnerable. It is therefore essential to strengthen control mechanisms and raise awareness among financial sector players in order to prevent and detect these illicit activities.
The risks of money laundering in the insurance sector:
Although the insurance sector has a regulatory code, it is not exempt from money laundering risks. Adler Kisula points out that the insurance sector is also susceptible to being used for money laundering. It is therefore essential to extend prevention and control measures specifically to insurers in order to reduce risks in this area.
Collaboration between CENAREF, ARCA and BCC:
As part of the implementation of an action plan agreed between the Democratic Republic of Congo and the Financial Action Task Force (FATF), CENAREF works in close collaboration with ARCA and the BCC. Each of these institutions plays a key role in the supervision and regulation of the country’s different financial and non-financial sectors. A Task Force, led by CENAREF and composed of various structures, has been set up to coordinate actions and ensure better collaboration in the fight against money laundering and the financing of terrorism.
ARCA’s actions to strengthen the fight against money laundering:
ARCA has developed a roadmap based on five major axes to strengthen the fight against money laundering and the financing of terrorism in the insurance sector.. This includes the establishment of specific regulations, the creation of a dedicated unit, training and awareness-raising for sector players, as well as stricter control and sanction mechanisms. These measures will come into force gradually, with the aim of improving the prevention and detection of illicit activities in the insurance sector.
Conclusion :
The strengthened collaboration between CENAREF and ARCA in the fight against money laundering and terrorist financing in the Democratic Republic of Congo is a significant step to guarantee the economic stability and security of the country. By working together, these two institutions are putting in place more effective preventive measures and control mechanisms to combat these illicit practices. It is essential that all players in the financial sector and the insurance sector mobilize to contribute to this fight and protect the integrity of the Congolese financial system.