Financial Crime World

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Guinea Fails to Meet Sanctions Compliance Guidelines

Conakry, Guinea - The Financial Action Task Force (FATF) has released a follow-up report on Guinea’s progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures. Unfortunately, the country has failed to meet several key guidelines.

Key Findings

  • Guinea received a “largely compliant” rating for 13 out of 40 recommendations.
  • The country was rated as:
    • Non-compliant: 10
    • Partially compliant: 6
    • Compliant: 11

Areas for Improvement

The report highlights several areas where Guinea needs to improve, including:

  • National cooperation and coordination
  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Regulation and supervision of financial institutions

Specific Recommendations

Guinea’s rating was marked as:

  • Non-compliant for R.8 - Non-profit organisations
  • Compliant for R.9 - Financial institution secrecy laws
  • Compliant for R.21 - Tipping-off and confidentiality
  • Partially compliant for:
    • R.4 - Confiscation and provisional measures
    • R.5 - Terrorist financing offence
    • R.10 - Customer due diligence
    • R.26 - Regulation and supervision of financial institutions

Recommendations

The FATF report recommends that Guinea strengthen its efforts to combat money laundering and terrorist financing, particularly in the areas of:

  • National cooperation and coordination
  • Confiscation and provisional measures
  • Regulation and supervision of financial institutions

Guinea’s failure to meet these guidelines puts it at risk of being downgraded from its current “largely compliant” rating.

Next Steps

The country has been given a deadline to implement the necessary reforms and is expected to submit another follow-up report to the FATF in the near future.