CFT Definition in Guinea

Guinea has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, according to a recent report.

Compliance Assessment

The country has been rated by FATF as “largely compliant” or “partially compliant” in most areas, with only a few areas requiring further improvement. The report assesses Guinea’s compliance with 40 key recommendations aimed at preventing the misuse of its financial system for money laundering and terrorist financing.

Areas of Strength

• Assessment of risk and application of a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Money laundering offence (R.3)
• Confiscation and provisional measures (R.4)
• Terrorist financing offence (R.5)
• Targeted financial sanctions related to terrorism and terrorist financing (R.6)
• Mutual legal assistance (R.37)

Areas for Improvement

• Regulation and supervision of non-profit organisations (R.8)
  • Guinea received a “partially compliant” rating in this area
• Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
  • Guinea received a “non-compliant” rating in this area
• Regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.28)
  • Guinea received a “partially compliant” rating in this area

Additional Areas for Improvement

• Money or value transfer services (R.14)
• New technologies (R.15)
• Reporting of suspicious transactions (R.20)
• DNFBPs’ customer due diligence (R.22) and other measures (R.23)

Conclusion

While Guinea has made progress in implementing FATF’s technical requirements, it must continue to work on addressing the remaining weaknesses to ensure a robust anti-money laundering and combating the financing of terrorism (AML/CFT) system.

Note: The ratings used in this report are as follows:

• Compliant (C)
• Largely compliant (LC)
• Partially compliant (PC)
• Non-compliant (NC)