Financial Crime World

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Guinea’s Anti-Money Laundering and Countering the Financing of Terrorism Efforts Face Major Challenges

A recent report by GIABA (The Intergovernmental Action Group Against Money Laundering in West Africa) has highlighted significant deficiencies in Guinea’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

Challenges Identified

According to the report, while Guinea has made efforts to improve its AML/CFT framework, including adopting a new law and strengthening institutional powers, the country still faces major challenges in implementing these measures effectively. The report identified several key weaknesses:

  • Poor understanding of money laundering and terrorist financing risks
  • Limited national cooperation and coordination
  • Deficient system for producing, enriching, and making use of financial intelligence
  • Inadequate detection and communication of false declarations or non-declarations of cash and bearer negotiable instruments
  • Rare investigations and prosecutions of money laundering cases
  • Lack of prioritization of confiscation of the proceeds and instrumentalities of crime

Recommendations

The report called on Guinea to take immediate action to address these deficiencies and ensure that its AML/CFT regime is effective in combating money laundering and terrorist financing. The recommendations include:

  • Improve understanding of money laundering and terrorist financing risks
  • Enhance national cooperation and coordination
  • Develop a comprehensive system for producing, enriching, and making use of financial intelligence
  • Implement effective measures to detect and communicate false declarations or non-declarations of cash and bearer negotiable instruments
  • Prioritize investigations and prosecutions of money laundering cases
  • Strengthen confiscation of the proceeds and instrumentalities of crime
  • Develop a national policy and strategy for countering terrorism and its financing
  • Improve preventive measures, including bank supervision and regulation of other sectors

Conclusion

Guinea’s AML/CFT regime faces significant challenges that must be addressed to ensure the country can effectively combat money laundering and terrorist financing. The GIABA report provides a clear roadmap for Guinea to improve its AML/CFT framework and meet international standards.