Congo (Brazzaville) Country Summary

FATF Status

The Republic of the Congo is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Congo was undertaken in 2022. According to that Evaluation, Congo was deemed Compliant for 2 and Largely Compliant for 12 of the FATF 40 Recommendations. It was deemed Highly effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Congo (Brazzaville) faces significant challenges related to crime and corruption, with systemic issues undermining governance and economic stability. The prevalence of corruption across various sectors, including government procurement and natural resource management, hampers efforts to combat organized crime and human trafficking, while civil society remains weak and vulnerable to government repression.

The Republic of the Congo (ROC) is currently grappling with a prolonged economic crisis, initially triggered by the 2014 oil price collapse and exacerbated by the COVID-19 pandemic, the Russia-Ukraine war, and poor debt management. The economy remains heavily reliant on the oil and gas sector, which constitutes over 60% of government revenue, while efforts for diversification are hindered by poor governance and a lack of transparency, leading to reduced creditworthiness and significant challenges in foreign currency liquidity. Despite a projected GDP growth of 2.4% in 2024, driven by the oil and gas sector, the investment climate is marred by corruption, inefficiencies, and regulatory hurdles, making it difficult for foreign investors to navigate the commercial environment effectively.