FATF: AML/CFT EVALUATION OF THE DEMOCRATIC REPUBLIC OF THE CONGRO (DRC)

On 19 May, FATF published a report on the AML/CFT evaluation of the DRC (available in English and French).  The all-important effectiveness ratings are shown as “Low” in each category.  The evaluation was undertaken by the Action Group against Money Laundering in Central Africa (GABAC), a Specialised Institution of the Central African Economic and Monetary Community (CEMAC) and, since 2015, a FATF-Style Regional Body (FSRB).  The DRC report is the first of a series of second round evaluations to be carried out by GABAC.  The report makes clear that the e DRC faces a range of factors that expose it to the criminal activities and money laundering and the financing of terrorism, with widespread corruption which creates an environment conducive to crime and money laundering activities.  In addition, the country suffers from the illegal exploitation of natural resources; and wildlife and timber crime, and is also exposed to the threats of terrorism and its financing due to the presence of armed groups and gangs that can exploit various illicit trafficking activities and its immediate geographical and security environment, including the instability of some neighbouring countries accentuated by the porous nature of its borders.

http://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/GABAC-MER-DRC-2021.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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