Financial Intelligence Unit Plays Vital Role in Guinea’s Fight Against Money Laundering and Terrorism Financing

The Financial Intelligence Unit (FIU) has been a cornerstone institution in Guinea since its establishment in 2004 under the country’s pioneering Money Laundering Prevention Act of 2000. Despite the repeal and replacement of that legislation with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act No. 13 of 2009, the FIU has continued to discharge its critical responsibilities with unwavering dedication.

Core Functions of the Financial Intelligence Unit

At the heart of the FIU’s mandate is a set of core functions outlined in section 9(1) of the AML/CFT Act. These include:

• Requesting information on suspicious transaction reports and other data related to money laundering, terrorist financing, or the proceeds of crime
• Receiving, analyzing, and disseminating this information to relevant authorities

Key Responsibilities of the Financial Intelligence Unit

The FIU’s primary duties are centered around the following key responsibilities:

• Requesting, receiving, analyzing, and disseminating information on suspicious transaction reports and other data related to money laundering, terrorist financing, or the proceeds of crime
• Discharging its critical responsibilities with unwavering dedication