GUINEA: Financial Intelligence Unit Boosted with Technology Support from UNDP and AfDB

Strengthening Cooperation in the Subregion

In a bid to enhance its cooperation with foreign services in the subregion, Guinea’s financial intelligence unit, CENTIF, has received a significant technology boost courtesy of the United Nations Development Programme (UNDP). This donation is part of the PARGEF Project, which aims to improve economic and finance management capacities in Guinea.

Key Components of the Donation

• Technology Support: The UNDP has donated six desktop computers and six laptops to CENTIF.
• PARGEF Project Funding: The African Development Bank (AfDB) is funding the PARGEF Project, which aims to enhance economic and finance management capacities in Guinea.

Role of CENTIF

Under Guinea’s Decree no. 1/2006, all financial institutions are mandated to report suspicious financial activities to CENTIF. This unit undertakes core anti-money laundering and counter-terrorism financing functions, reporting directly to the Ministry of Finance and Economy. CENTIF is responsible for combating money-laundering, financing of terrorism, and weapons of mass destruction.

Digitalization Efforts

As part of the PARGEF Project, UNDP will also support the digitalization of CENTIF, aimed at enhancing its operational efficiency. This includes:

• Training Sessions: Organized training sessions for judges and magistrates on money laundering and corruption to ensure effective enforcement of relevant laws and regulations.

Expected Outcomes

The donation is expected to enhance CENTIF’s capacity to detect and prevent financial crimes, ultimately contributing to Guinea’s economic stability and development.