According to the country’s Communications Minister Patrick Muyaya on Saturday, the Financial Action Task Force intends to add the Democratic Republic of the Congo to a list of nations that will be subject to more scrutiny.
Major cobalt and copper producer Congo will be included to the so-called “grey list” of inadequate nations by October 21 due to its failure to combat financial crime, including money laundering and countering terrorist financing.
Nicolas Kazadi, the Congo’s finance minister, informed ministers on Friday that the country was “under intensified observation” by the Financial Action Task Force and that he would abide by its recommendations.
Countries on the grey list run the danger of reputational harm, ratings changes, difficulty accessing international credit, and greater transaction costs, according to experts, in addition to further task force monitoring.
According to a note written to Kazadi on September 30 by the General Secretariat of the Congolese Financial Intelligence Unit, Congolese authorities have been invited to a task force meeting taking place in France from October 18–21.
The DRC government must “affirm in writing its high-level political commitment to comprehensively address the identified strategic gaps by implementing such plan within the stipulated time frame…from 2023 to 2025,” according to the Financial Action Task Force.
The Group of Seven leading economies founded the Financial Action Task Force to safeguard the world financial system.
Featured Image: Wikimedia Commons
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