Guinea’s Financial Crime Investigation Process Under Scrutiny: FATF Evaluation Reveals Key Findings and Priority Actions

Overview

A comprehensive evaluation of Guinea’s financial crime investigation process has been conducted by the global anti-money laundering watchdog, the Financial Action Task Force (FATF). The assessment was carried out using the 2013 Methodology and is based on information provided by Guinea as well as data gathered during an on-site visit to the country from December 5th to 16th, 2022.

Evaluation Findings

The report highlights key areas of strength and weakness in Guinea’s financial crime investigation process, including:

• Measures taken to prevent money laundering and terrorist financing: The evaluation assesses the measures implemented by Guinea to prevent money laundering and terrorist financing, such as its anti-money laundering laws and regulations.
• Efforts to combat illicit activities: The report examines Guinea’s efforts to combat illicit activities, including its strategies for identifying and prosecuting financial crimes.

Priority Actions

The evaluation identifies priority actions that Guinea must take to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. These include:

• Implementing effective measures to prevent money laundering and terrorist financing: Guinea must strengthen its legal framework, improve its law enforcement capabilities, and enhance its financial intelligence gathering and analysis.
• Enhancing international cooperation: Guinea should increase its cooperation with other countries and international organizations to combat financial crimes more effectively.

Conclusion

The FATF has endorsed the findings of this evaluation, which provides a comprehensive assessment of Guinea’s financial crime investigation process. The report highlights areas for improvement and sets out priority actions that Guinea must take to strengthen its AML/CFT regime.