KINSHASA (Reuters) – The Financial Action Working Group is planning to include the Democratic Republic of the Congo on its list of countries under enhanced surveillance, the country’s Communications Minister Patrick Muyaya said on Saturday.
Congo, a major cobalt and copper producer, will be forced to comply with global financial crime surveillance by October 21 at the latest due to its shortcomings in rooting out financial corruption, including money laundering and anti-terrorism financing. It will be included in the so-called “grey list” of institution-deficient countries.
Finance Minister Nicolas Kazadi said on Friday that Congo was “under increased scrutiny” by the Financial Action Working Group and promised ministers to follow its recommendations.
In addition to further scrutiny by the task force, greylisted countries risk reputational damage, rating adjustments, international funding difficulties and higher transaction costs, experts say. .
Twenty-three countries are on the list, including the African countries Mali, Uganda, Senegal, Burkina Faso and Morocco.
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Congolese officials were invited to a task force meeting in France from October 18 to 21, according to a memo sent to Kazadi on Sept. 30 by the director general of the Congolese Financial Information Authority, seen by Reuters. ing.
The Financial Action Working Group (TFWG) has issued a statement to the DRC on its high-level political commitment to fully address the identified strategic gaps by implementing its plan within the agreed timeframe of 2023-2025. We seek written confirmation from the government.”
The Financial Action Task Force was established by seven industrialized nations to protect the global financial system.
(Reporting by Sonia Rowley; Writing by Edward McAllister; Editing by Mike Harrison)
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