Financial Crime World

Current Situation in Guinea: Economic, Financial, and Social Overview

Economic and Financial Environment

Guinea’s economy faces several challenges that create a conducive environment for money laundering. Some key issues include:

Challenges

  • Poor record-keeping and weak law enforcement
  • Corruption and an informal economy
  • Lack of implementation of the new Anti-Money Laundering and Terrorist Financing (AML/CFT) law

Consequences

  • Most offences involve transferring funds without valid economic justification

Organized Crime

Corruption has deeply permeated Guinea’s business and political culture, leading to a reliance on bribery. The economy also relies heavily on cash transactions outside the banking sector, exacerbating problems.

Impact of Corruption

  • A medium-term growth forecast is anticipated by the African Development Bank, stimulated by new mining projects and infrastructure spending

Civil Society and Social Protection

The Guinean government has made some progress in addressing human trafficking issues. However, more needs to be done to protect victims and encourage them to assist in investigations.

Progress

  • Standard operating procedures for identifying human trafficking victims have been approved
  • Increased number of forced labour victims identified, including children exploited in domestic servitude and sex trafficking

Challenges

  • No formal policy to encourage victims to assist in investigations against their alleged traffickers

Freedom of Expression

Dialogue between the government, political stakeholders, and civil society actors is insufficient, leading to a deterioration of the sociopolitical situation.

Efforts to Strengthen Civil Society and Media Capacities

  • Organizations are working to improve engagement with all stakeholders
  • Challenges facing civil society groups include seeking patronage from international donors or local actors

Key Challenges

Guinea faces several key challenges that hinder its economic, social, and political development. Some of these challenges include:

Challenges

  • Corruption
  • Limited access to finance
  • Inadequate infrastructure
  • Logistics deficiencies
  • Low government capacity
  • Hostile whistleblowing atmosphere
  • Restrictions on freedom of expression and assembly
  • Crackdown on protests and censorship of critical media outlets