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Financial Pressure Needed to Prevent Financial Crimes in the DRC

Yaya J. Fanusie
20th October 2017 - Quoted by Rachel Ansley - The Atlantic Council

The United States should apply sanctions on illicit financial networks and crack down on money laundering in the Democratic Republic of the Congo (DRC) where a "violent kleptocracy" has fueled an ongoing and deadly conflict, John Prendergast, co-founder of The Sentry and founding director of the Enough Project, said at the Atlantic Council.

Increased consequences for government corruption and humanitarian atrocities are brought to bear “through the tools of financial pressure that are used when the United States is serious about a policy issue,” said Prendergast. Such measures can be seen in Washington’s dealings with Iran and North Korea. In regions such as the DRC, “by far the deadliest warzone in the world since World War II,” according to Prendergast, “conventional tools of diplomacy and crisis response are simply inadequate.”


Instead, according to Prendergast, Washington must pursue financial solutions, such as “smart sanctions” or anti-money laundering measures, to solve financial problems. As written in the report: “Applied deftly by the United States, the European Union, and international banking authorities, these measures can sever the financial lifelines by which corrupt government officials, terrorist financiers, and their business networks operate.”

However, Prendergast cautioned, in order to impose such measures, “you need evidence.”

Such evidence is detailed in The Sentry’s report, which was launched at the Atlantic Council and discussed by J.R. Mailey, director of investigations at The Sentry, part of the Enough Project; Holly Dranginis, a senior policy analyst at The Sentry; and Yaya J. Fanusie, director of analysis in the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies. J. Peter Pham, vice president for research and director of the Atlantic Council’s Africa Center, moderated the conversation.


Read more here.



csif, illicit-finance