Banks’ Response to Financial Crime in Guinea Falls Short, Experts Say

Despite being one of the smallest countries in Africa with a population of just two million, Guinea-Bissau has been plagued by financial crime and instability. The country’s political and military elite have been linked to the growth of the transnational cocaine trade through West Africa, leaving a trail of poverty and corruption in its wake.

Impact on Economic and Social Development

According to experts, the illicit markets that have taken root in Guinea-Bissau have had a profound impact on the country’s economic and social development. A staggering 67% of the population lives in poverty, and the country’s civil society is fragmented and lacks awareness about illicit markets and corruption.

GI-TOC’s Efforts to Combat Financial Crime

In an effort to combat this issue, the Global Initiative Against Transnational Organized Crime (GI-TOC) launched a targeted program of support to least developed countries (LDCs), including Guinea-Bissau. The LDC Accelerator program was funded by the government of Norway and aimed to:

• Map civil society in Guinea-Bissau
• Increase community awareness of illicit markets

The program also supported the GI-TOC’s Observatory of Illicit Economies in Guinea-Bissau, a joint initiative launched with the UN Development Programme in 2020.

Experts’ Concerns and Recommendations

However, experts say that more needs to be done to address the root causes of financial crime in Guinea-Bissau. A spokesperson for GI-TOC emphasized:

• Civil society is crucial in building resilience to organized crime.
• Supporting civil society is now more important than ever, as citizens continue to be affected by the COVID-19 pandemic and its countermeasures, and face increased pressure from state institutions seeking to silence critical voices.