Financial Crime World

Guinea’s Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) and Prevention of Proliferation Financing (PF) Challenges

Key Issues Identified

The current AML/CFT/PF situation in Guinea is plagued by several key issues, including:

Lack of National Strategy

  • There is no clear national strategy to address ML/TF/PF, hindering coordination among stakeholders.

Inadequate Financial Intelligence

  • The system for producing, enriching, and using financial intelligence is limited, with few LEAs utilizing it in investigations.

Defective Cash Declaration System

  • The mechanism for detecting and communicating false declarations or non-declaration of cash and bearer negotiable instruments is defective.

Limited Confiscation of Proceeds of Crime

  • Confiscation of proceeds and instrumentalities of crime is not a priority, with only a few confiscations recorded.

No National Policy on Terrorism Financing

  • Prevention of terrorism financing is not addressed in any national policy or strategy.
  • DNFBPs (e.g., real estate and dealers in gems and precious metals) contribute little to reporting activity and due diligence measures.

Limited Bank Supervision

  • Supervision of banks is well structured, but other sub-sectors (e.g., insurance, foreign exchange bureaus, MFIs, EMIs) lack risk-based approaches.
  • Structural challenges and poor understanding of ML/TF risks hinder transparency in legal persons and arrangements.

Recommendations to Address these Issues

To address the identified issues, Guinea should:

  1. Develop a National Strategy on AML/CFT/PF
  2. Improve Financial Intelligence Gathering and Sharing
  3. Enhance the Cash Declaration System
  4. Prioritize Confiscation of Proceeds of Crime
  5. Establish a National Policy on Terrorism Financing
  6. Strengthen Supervision of DNFBPs
  7. Implement Risk-Based Approaches in Bank Supervision and Other Sub-sectors
  8. Improve Transparency in Legal Persons and Arrangements

Enhancing Guinea’s AML/CFT/PF Framework

By implementing these recommendations, Guinea can enhance its AML/CFT/PF framework, strengthen its ability to prevent and combat money laundering, terrorist financing, and proliferation financing, ultimately contributing to a safer and more stable financial environment.