Guinea Takes Steps to Combat Financing of Terrorism, But More Needs to be Done

Overview

In a recent evaluation by the Financial Action Task Force (FATF), Guinea’s efforts to combat the financing of terrorism have been assessed against international standards. While progress has been made, there is still much work to be done.

Evaluation and Recommendations

The FATF conducted an on-site visit to Guinea in December 2022, gathering information from the country and reviewing its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The findings were endorsed as a comprehensive evaluation by FATF, highlighting areas where Guinea needs improvement.

Key Findings:

• Financial sector supervision: Guinea has strengthened its financial sector supervision, improving cooperation with international partners.
• Terrorist financing cases: There is a need for more effective mechanisms to detect and prosecute terrorist financing cases.
• Coordination between law enforcement agencies and regulatory bodies: Guinea must improve coordination between these entities.

Priority Actions for Improvement

To strengthen its AML/CFT regime, Guinea should:

• Enhance financial institutions’ ability to identify and report suspicious transactions.
• Improve coordination between law enforcement agencies and regulatory bodies.

Next Steps

The FATF has called on Guinea to implement these recommendations in order to bring its anti-money laundering and combating the financing of terrorism regime into line with international standards.

Guinea must take decisive action to address these gaps in its AML/CFT regime, ensuring that its efforts are effective in preventing the financing of terrorism. By doing so, Guinea can strengthen its position on the global stage and contribute to a safer and more secure world.