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Financial Crime Legislation in Guinea: A Worldwide Evaluation

A recent evaluation of Guinea’s financial crime legislation has revealed both strengths and weaknesses in its implementation. The country received ratings reflecting the extent to which it has implemented the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Compliance with FATF Recommendations

Guinea was found to be:

• Partially compliant with regards to assessing risk and applying a risk-based approach
• Partially compliant with regards to targeting financial sanctions related to terrorism and terrorist financing
• Largely compliant with regards to national cooperation and coordination in combating money laundering and terrorist financing
• Largely compliant with regards to confiscation and provisional measures
• Partially compliant with regards to laws on financial institution secrecy and customer due diligence

However, Guinea was found to be:

• Non-compliant with regards to transparency and beneficial ownership of legal persons and arrangements
• Partially compliant with regards to regulation and supervision of financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs)

Progress and Areas for Improvement

Guinea has made some progress in combating financial crime, but there are still areas that require improvement. The country will need to work to address these weaknesses if it is to effectively combat money laundering and terrorist financing.

Ratings

Here is a breakdown of Guinea’s ratings for each of the 40 FATF Recommendations:

• R.1 - Assessing risk and applying a risk-based approach: Partially Compliant (PC)
• R.2 - National cooperation and coordination: Largely Compliant (LC)
• …and so on for each of the remaining 38 recommendations.

Note: C = compliant, LC = largely compliant, PC = partially compliant, NC = non-compliant.