Financial Crime World

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Guinea Strengthens Anti-Money Laundering Regulations to Combat Transnational Crime

Conakry, Guinea - In a significant move to combat transnational organized crime and terrorist financing, Guinea has strengthened its anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

AML/CTF Reforms in Guinea

Guinea has passed a suite of laws aimed at aligning its AML/CTF system with international standards and obligations. The suite of laws includes:

  • Anti-Money Laundering and Counter-Terrorist Financing Act 2015
  • United Nations Financial Sanctions Act 2015
  • Criminal Code (Anti-Money Laundering and Counter Terrorist Financing) (Amendment) Act 2015
  • Proceeds of Crime (Amendment) Act 2015
  • Mutual Legal Assistance (Amendment) Act 2015

Strategic Priorities

The reforms are part of Guinea’s efforts to combat transnational organized crime, corruption, and terrorist financing. The country has identified four strategic priorities in its AML/CTF system:

  • Targeting the profit motive of organized crimes
  • Strengthening preventative measures against corruption
  • Ensuring financial stability
  • Reducing opportunities for terrorist organizations to use Guinea as a conduit for money laundering

Key Legislation

The United Nations Financial Sanctions Act 2015 is a key piece of legislation that aims to combat terrorist financing by establishing a sanctions secretariat within the Department of Prime Minister and National Executive Council. The act outlines processes for implementing UN sanctions, designating individuals and entities, and dealing with frozen assets.

Amendments to Criminal Code

The Criminal Code 1974 has also been amended to define and criminalize terrorist acts and financing. The amendments strengthen Guinea’s legislative framework on money laundering and terrorist financing in accordance with international law and corresponding international obligations.

Government Commitment

“These reforms demonstrate Guinea’s commitment to combating transnational organized crime and terrorist financing,” said a government official. “We believe that a robust AML/CTF system is essential for maintaining financial stability, preventing corruption, and ensuring the sustainability of our economic growth.”

Expected Outcomes

The new regulations are expected to improve:

  • Information sharing and gathering
  • Reporting
  • Delegation of authority in Guinea’s fight against money laundering and terrorist financing.