Financial Crime World

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Guinea’s Compliance Risk Assessment Framework Under Scrutiny

A recent review of Guinea’s compliance risk assessment framework has revealed mixed results, with some areas showing significant progress while others require urgent attention. The assessment, conducted by international authorities, evaluated Guinea’s implementation of the Financial Action Task Force (FATF) Recommendations.

Progress and Challenges

According to the report, Guinea has made substantial strides in several key areas:

  • National Cooperation and Coordination: Guinea received a rating of “largely compliant” for its efforts in this area.
  • Money Laundering Offence and Terrorist Financing Offence: Guinea was found to be “compliant” in these areas, indicating a strong commitment to implementing international anti-money laundering and combating the financing of terrorism (AML/CFT) standards.
  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing, Financial Institution Secrecy Laws: Guinea also received ratings of “largely compliant” or “compliant” in these areas.

However, other areas require significant improvement:

  • Combating Non-Profit Organisations: Guinea’s implementation was found to be inadequate, earning a rating of “partially compliant”.
  • Customer Due Diligence, Record Keeping, and Financial Intelligence Units: These areas were also deemed “non-compliant” or “partially compliant”.
  • Higher-Risk Countries, DNFBPs (Designated Non-Financial Businesses and Professions), Transparency and Beneficial Ownership of Legal Persons, and Regulation and Supervision of DNFBPs: Guinea’s laws and regulations in these areas require significant revisions.

Areas for Improvement

The report also highlights areas where Guinea has shown progress but still needs to improve:

  • Confiscation and Provisional Measures
  • Terrorist Financing Offence (although compliant, improvements are needed)
  • Targeted Financial Sanctions related to Proliferation, and Cash Couriers

Conclusion

The assessment concludes that while Guinea has made significant strides in implementing AML/CFT standards, there is still much work to be done to ensure full compliance with international requirements. International authorities will continue to monitor Guinea’s progress and provide guidance and feedback to help the country improve its compliance risk assessment framework.