Financial Crime World

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Risk Assessment in Financial Compliance: A Growing Concern in Guinea

As part of its efforts to combat financial crime, Guinea has been assessed on its compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The assessment, conducted by a team of experts from the international community, has identified several areas where Guinea needs to improve its risk-based approach to AML/CFT.

Compliance Assessment

According to the report, Guinea is largely compliant in assessing risks and applying a risk-based approach, as well as national cooperation and coordination. However, it falls short in certain areas, including:

  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Transparency and beneficial ownership of legal persons

Partial Compliance

The assessment also found that Guinea is partially compliant in several other areas, including:

  • Money laundering offence
  • Customer due diligence
  • Record keeping
  • Regulation and supervision of financial institutions

These shortcomings highlight the need for Guinea to strengthen its AML/CFT framework and ensure that it is effectively implementing international standards.

Areas for Improvement

In addition to these areas, the report also identified several areas where Guinea needs improvement, including:

  • Non-profit organizations
  • Financial institution secrecy laws
  • New technologies
  • Wire transfers
  • Higher-risk countries

Recommendations

To address the shortcomings identified in the report, Guinea is recommended to take several steps, including:

  • Strengthening its risk assessment and mitigation measures
  • Improving national cooperation and coordination
  • Enhancing customer due diligence and record keeping practices
  • Increasing transparency and beneficial ownership of legal persons
  • Strengthening regulation and supervision of financial institutions

Conclusion

The international community will continue to monitor Guinea’s progress in implementing these recommendations and ensuring that it is effectively combating financial crime.