Financial Crime World

FATF Recommendations in Guinea: A Mixed Bag for Compliance

Guinea has received a mixed assessment from the Financial Action Task Force (FATF) on its implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures. The country’s progress is a mix of both achievements and challenges.

Areas of Progress

  • Guinea was found to be “largely compliant” in several areas, including:
    • Assessing risk and applying a risk-based approach (R.1)
    • National cooperation and coordination (R.2)
    • Money laundering offence (R.3)
    • Confiscation and provisional measures (R.4) (partially compliant)
    • Terrorist financing offence (R.5) (partially compliant)
    • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
    • Targeted financial sanctions related to proliferation (R.7)
  • Guinea was also found to be “compliant” in several areas, including:
    • Financial institution secrecy laws (R.9)
    • Customer due diligence (R.10)
    • Record keeping (R.11)
    • Politically exposed persons (R.12)
    • Correspondent banking (R.13)
    • Reporting of suspicious transactions (R.20)

Areas for Improvement

  • Guinea was found to be “partially compliant” in several areas, including:
    • Confiscation and provisional measures (R.4) (also non-compliant)
    • Terrorist financing offence (R.5) (also non-compliant)
    • Regulation and supervision of financial institutions (R.26)
  • Guinea was also found to be “non-compliant” in several areas, including:
    • Measures related to non-profit organisations (R.8)
    • Transparency and beneficial ownership of legal persons (R.24)
  • Additionally, the FATF report highlighted Guinea’s need to improve its implementation of measures related to:
    • Higher-risk countries (R.19)
    • DNFBPs: customer due diligence (R.22) (partially compliant)
    • Transparency and beneficial ownership of legal arrangements (R.25)
    • Regulation and supervision of DNFBPs (R.28)

Overall, Guinea’s implementation of AML/CFT measures is a mixed bag, with some areas requiring improvement and others demonstrating compliance. The country must continue to work on implementing the FATF Recommendations to strengthen its financial system and combat money laundering and terrorist financing.