In September 2023, FSVC received funding from the U.S. Department of State to strengthen fiscal transparency in the Democratic Republic of the Congo (DRC) by building the capacity of key government of the DRC (GDRC) agencies to adopt international standards of financial transparency and accountability set forth by the Extractive Industries Transparency Initiative (EITI) and the Financial Action Task Force (FATF).
FSVC structured practical, demand driven activities to equip the GDRC to undertake reforms on its own. FSVC’s program aims to tackle the following two objectives:
Objective 1: Enhance Transparency of Natural Resources Management:
FSVC will assist the GDRC in strengthening transparency in the extractive sector, the country’s largest source of revenue. FSVC will partner with the EITI National Committee to enhance broader citizen understanding of EITI principles and GDRC compliance with EITI standards for transparency across the extractive industry value chain.
Objective 2: Strengthen Coordination of Relevant GDRC Institutions to Implement Financial Transparency Standards Set Forth by FATF:
The DRC’s financial system is largely opaque and only weakly aligned with international standards in financial transparency and accountability. This is reflected in FATF placing the DRC on its Grey List in October 2022. FSVC will support increased coordination among relevant GDRC institutions on AML/CFT issues and will design and help implement a strategy to address FATF deficiencies.
