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Guinea Reinforces Anti-Money Laundering and Combating the Financing of Terrorism Measures
Conakry, Guinea - September 22, 2023: The Guinean government has taken significant steps to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime. A new law aimed at preventing the misuse of non-financial businesses and professions for financial crimes has been enacted.
Strengthening Anti-Money Laundering Measures
The legislation expands the category of Designated Non-Financial Businesses and Professions (DNFBPs), which includes entities that can be used to launder money or finance terrorist activities due to their nature. The AML/CFT law requires Guinea to establish a national framework covering various aspects, including:
- Risk assessments
- Obliged entity reporting
- Sanctions for non-compliance
Granting Autonomy to the Financial Intelligence Unit (CENTIF)
The CENTIF has been granted autonomy to process and transmit information related to AML/CFT efforts. CENTIF can also oppose the execution of transactions based on reliable information. When suspicious transactions are detected, CENTIF submits reports to the Public Prosecutor, who must refer the case to an investigating judge.
Freezing Assets of Terrorist Individuals and Organizations
Guinea has established mechanisms for freezing assets of terrorist individuals and organizations. The country has criminalized money laundering and terrorist financing, with both individuals and legal entities facing penalties.
Agency for the Management and Recovery of Seized and Confiscated Assets (AGRASC)
The AGRASC has been set up to manage and confiscate assets of criminals.
Media Rights and Freedom of Expression
Freedom of expression, press freedom, and media rights play a crucial role in whistleblowing and shedding light on wrongdoing. Guinea’s Constitution guarantees freedom of the press, and citizens are free to believe, think, and profess their opinions. The High Authority for Communication is responsible for regulating content production and dissemination to ensure transparency and media plurality.
However, the press freedom law allows for restrictions on public order and national unity grounds. In cases of defamation, heavy fines can be imposed, with repeat offenders facing suspension or revocation of licenses. The Penal Code also provides for prison sentences for defamation committed against public administrations or institutions.
Conclusion
The new AML/CFT law is a significant step towards strengthening Guinea’s financial system and combating financial crimes. As the country moves forward, it is essential that media rights and freedom of expression are respected to ensure transparency and accountability in the fight against corruption and financial malfeasance.