GUINEA’S BANKS JOIN GLOBAL FIGHT AGAINST FINANCIAL CRIME

Conakry - In an effort to prevent the influx of dirty money into its financial system, Guinea’s banking sector has stepped up efforts to detect and prevent money laundering.

WHAT IS MONEY LAUNDERING?

Money laundering is a process that disguises the source of illegal funds to make them appear legitimate. It involves a series of complex transactions designed to conceal the origin of the money, making it difficult for authorities to track its movement. According to estimates, up to €2 trillion in dirty money is laundered globally each year.

TECHNIQUES USED BY MONEY LAUNDERERS

• Processing dirty money through legitimate businesses
• Structuring transactions to avoid detection by authorities
• Using foreign currency exchanges and real estate purchases
• Exploiting the art industry’s secrecy and high-value transactions

GUINEA’S AML EFFORTS

The country’s banking sector has implemented Anti-Money Laundering (AML) policies in line with global standards set by the Financial Action Task Force (FATF). Banks have established dedicated AML units, trained frontline staff to identify suspicious activity, and introduced technology-based solutions for transaction monitoring.

KEY ELEMENTS OF GUINEA’S AML APPROACH

• Know Your Customer (KYC): Banks verify customer identities through documentation and biometric means.
• AML Holding Period: Deposits are held for a minimum of five trading days to allow for risk assessments.
• AML Transaction Monitoring Software: Banks use technology to monitor transactions in real-time, flagging high-risk activity.

By implementing these measures, Guinea’s banks aim to reduce the risk of money laundering and maintain a transparent financial system. The country’s efforts demonstrate its commitment to combating financial crime and upholding international standards.