Financial Crime World

Guinea Falls Short on Regulatory Requirements for Financial Crimes

Conakry, Guinea - A Recent Assessment by the International Community Reveals Struggles to Meet Key Regulatory Requirements

A recent assessment by the international community has revealed that Guinea is struggling to meet key regulatory requirements in the fight against financial crimes. The country’s compliance with technical standards set out by the Financial Action Task Force (FATF) was found to be lacking in several areas.

Key Areas of Non-Compliance

Guinea failed to fully implement measures aimed at combating money laundering and terrorist financing, as well as ensuring transparency and beneficial ownership of legal persons and arrangements. Specifically:

  • Regulations and Supervision of DNFBPs: Guinea did not meet the standards for regulating and supervising designated non-financial businesses and professions (DNFBPs).
  • Powers of Supervisors: The country’s supervisors do not have sufficient powers to effectively supervise financial institutions.
  • International Cooperation: Guinean authorities failed to demonstrate adequate international cooperation in combating money laundering and terrorist financing.

Areas Where Guinea Demonstrated Compliance

While Guinea struggled with many areas, the country did demonstrate compliance in some key areas:

  • Financial Intelligence Units: Guinean authorities established a financial intelligence unit (FIU) that effectively gathers and analyzes information related to financial crimes.
  • Responsibilities of Law Enforcement and Investigative Authorities: The country’s law enforcement and investigative agencies have clear responsibilities for investigating and prosecuting financial crimes.
  • Mutual Legal Assistance: Guinean authorities are able to provide mutual legal assistance in cases involving financial crimes.

Concerns Among International Experts

The findings of the assessment have sparked concerns among international experts, who warn that Guinea’s lack of regulatory rigor could undermine efforts to combat financial crimes. The country is considered a high-risk jurisdiction due to its history of corruption and money laundering.

Commitment to Reform

To address these weaknesses, Guinean authorities have committed to implementing reforms aimed at strengthening their anti-money laundering and counter-terrorist financing framework. These efforts are expected to focus on improving regulations and supervision, enhancing transparency and beneficial ownership requirements, and increasing international cooperation.

Follow-up Assessment by the FATF

The Financial Action Task Force (FATF) has scheduled Guinea for a follow-up assessment in the coming months to monitor progress and ensure that the country is meeting its regulatory obligations.

Key Findings

  • Guinea failed to comply with key standards related to money laundering and terrorist financing.
  • The country’s regulations and supervision of DNFBPs, powers of supervisors, and international cooperation were found wanting.
  • Guinean authorities committed to implementing reforms aimed at strengthening their anti-money laundering and counter-terrorist financing framework.
  • The FATF has scheduled Guinea for a follow-up assessment in the coming months.