Title: FATF Evaluates Equatorial Guinea’s Progress in Anti-Money Laundering and Counter-Terrorist Financing Measures
The Financial Action Task Force (FATF) recently assessed Equatorial Guinea’s adherence to its recommendations, revealing areas of progress and improvement.
FATF Recommendations and Equatorial Guinea’s Ratings
| FATF Recommendation | Equatorial Guinea Rating |
|---|---|
| R.1 - Risk assessment | Large Compliance (LC) |
| R.2 - Cooperation | Large Compliance (LC) |
| R.3 - Money laundering offense | Large Compliance (LC) |
| R.4 - Confiscation and provisional measures | Partially Compliant (PC) |
| R.5 - Terrorist financing offense | Partially Compliant (PC) |
| R.6 - Sanctions and freezing of assets | Large Compliance (LC) |
| R.7 - Proliferation-related offenses | Large Compliance (LC) |
| … | |
| R.15 - New technologies | Not Compliant (NC) |
| … | |
| R.31 - Powers of law enforcement | Compliant (C) |
| R.34 - Guidance and feedback | Partially Compliant (PC) |
| R.35- Sanctions | Large Compliance (LC) |
Progress and Challenges
Equatorial Guinea has made significant strides in several areas, as indicated by the following FATF recommendations:
- Risk assessment and risk-based approach (R.1): Equatorial Guinea has demonstrated improvements in assessing risks and applying a risk-based approach.
- National cooperation and coordination (R.2): The country has made progress in establishing cooperation and coordination channels among relevant authorities.
- Money laundering and terrorist financing offenses (R.3, R.5): Equatorial Guinea has strengthened its measures to counteract both money laundering and terrorist financing.
- Mutual legal assistance (R.37 – R.40): The country has made progress in improving the efficiency and effectiveness of mutual legal assistance proceedings.
Despite the progress, challenges remain, including:
- New technologies (R.15): Equatorial Guinea needs to address the challenges posed by emerging technologies and adapt to the evolving nature of financial crimes.
- Non-profit organizations (R.8): The country must establish clear rules and procedures to prevent the misuse of non-profit organizations for money laundering and terrorist financing.
- Financial institution secrecy laws (R.9): Equatorial Guinea should consider aligning its financial institution secrecy laws with international standards to enhance transparency and combat financial crimes.
Ongoing Support from FATF
The FATF will continue working with Equatorial Guinea to strengthen its regulatory framework and implementation of AML/CFT measures.
Important Note
This article is for informational purposes only and does not constitute professional advice. Please consult official FATF reports and local legal counsel for the most accurate and up-to-date information.