Financial Crime World

Guinea Fails to Meet International Standards on Anti-Money Laundering and Terror Financing

A recent report by the GIABA (Groupe Intergouvernemental d’Action contre le Blanchiment des Capitaux et le Financement du Terrorisme) has revealed that Guinea has made significant efforts to improve its anti-money laundering and counter-terrorism financing (AML/CFT) regime, but still falls short of meeting international standards.

Key Findings

  • Guinea’s poor understanding of money laundering and terrorist financing risks
  • Lack of national cooperation and coordination
  • Limited use of financial intelligence
  • Defective system for detecting and reporting suspicious transactions
  • Rare ML-related investigations and prosecutions due to lack of prioritization and inadequate resources
  • Failure to implement effective measures to prevent terrorism financing

Criticisms

  • Lack of national policy and strategy on the issue of terrorism financing
  • Financial institutions are not adequately supervised
  • DNFBPs (Designated Non-Financial Businesses and Professions) are weak links in the AML/CFT chain

Recommendations

Strengthen National Cooperation and Coordination

  • Between law enforcement agencies, financial regulatory bodies, and other stakeholders

Enhance Use of Financial Intelligence

  • Provide adequate resources and training for financial institutions and law enforcement agencies

Improve Supervision and Regulation of Financial Institutions

  • Ensure that they are adequately implementing AML/CFT measures

Develop National Policy and Strategy on Terrorism Financing

  • Prevent terrorist financing in the country

Take Steps to Prevent Money Laundering and Terrorist Financing

  • Improve transparency of legal persons and legal arrangements
  • Strengthen national cooperation and coordination
  • Enhance use of financial intelligence
  • Improve supervision and regulation of financial institutions

Conclusion

Guinea has made significant efforts to improve its AML/CFT regime, but still faces several challenges. To meet international standards, Guinea must:

  • Strengthen national cooperation and coordination
  • Enhance the use of financial intelligence
  • Improve supervision and regulation of financial institutions
  • Develop a national policy and strategy on terrorism financing
  • Take steps to prevent money laundering and terrorist financing in the country