Guinea Implements FATF Recommendations to Combat Money Laundering and Terrorist Financing
The Government of Guinea has taken significant steps to ensure that money or value transfer services (MVTS) are conducted in a transparent and secure manner, following recommendations by the Financial Action Task Force (FATF).
Licensing and Registration of MVTS Providers
According to FATF guidelines, countries must license or register natural or legal persons providing MVTS and subject them to effective monitoring systems. This includes:
- Licensing or registering MVTS providers
- Subjecting them to effective monitoring systems
This move is aimed at preventing financial crimes such as money laundering and terrorist financing.
Sanctioning Unlicensed Entities
Countries worldwide are urged to take measures to identify and sanction individuals or entities that operate without licenses or registrations. This includes:
- Identifying unlicensed entities
- Sanctioning them for operating illegally
Agent Licensing and Registration
In addition, FATF recommends that any agent working on behalf of an MVTS provider must also be licensed or registered by a competent authority. Alternatively, the MVTS provider should maintain a current list of its agents accessible to authorities in countries where they operate.
AML/CFT Programs for MVTS Providers Using Agents
Moreover, Guinea has been advised to ensure that MVTS providers using agents include them in their anti-money laundering and combating the financing of terrorism (AML/CFT) programs and monitor them for compliance with these programs.
Clarification on Recommendation 14
In an interpretive note to Recommendation 14 on Money or Value Transfer Services, FATF clarified that countries need not establish separate licensing or registration systems for natural or legal persons already licensed or registered as financial institutions within their territories. These institutions are already subject to the full range of applicable obligations under the FATF Recommendations.
By implementing these recommendations, Guinea is taking a crucial step towards ensuring the transparency and security of its MVTS sector, and preventing financial crimes such as money laundering and terrorist financing.