The Financial Action Task Force (FATF) has plans to put the Democratic Republic of Congo on a list of countries under high monitoring, said the country’s Communications minister Patrick Muyaya said on Saturday.
A major cobalt and copper producer, Congo will feature on the global financial crime watchdog’s “grey list” maximum by October 21. According to the task force, the country is found to have failed to stop financial corruption, including money laundering and anti-terrorist financing.
Finance Minister Nicolas Kazadi said on Friday that Congo was “under enhanced surveillance” by the FATF and assured ministers that he would follow its recommendations.
The countries on the list are subjected to rigorous scrutiny by the task force. This negatively impacts their reputation, rating adjustments, trouble obtaining global finance, and higher transaction costs, according to the experts. The other countries on the list, 23 in total, also include African nations Mali, Uganda, Senegal, Burkina Faso, and Morocco.
The Financial Action Task Force “will seek written confirmation from the DRC government of its high-level political commitment to fully address the identified strategic gaps by implementing said plan within the agreed time frame…from 2023 to 2025,” it said.
The FATF has invited Congolese officials to its meeting in France that will take place from October 18-21, a note sent on Sept. 30 by the General Secretariat of the Congolese Financial Intelligence Unit to Kazadi read.
The note also said, “The Financial Action Task Force “will seek written confirmation from the DRC government of its high-level political commitment to fully address the identified strategic gaps by implementing said plan within the agreed time frame…from 2023 to 2025.”
The Financial Action Task Force was established by the Group of Seven leading economies to protect the global financial system.
