Financial Crime World

Financial Fraud on the Rise in Guinea: Reports Flood In

Pandemic Creates Conducive Environment for Crime

A surge in financial fraud activities has been reported in Guinea, with the Financial Intelligence Unit (FIU) receiving a significant number of suspicious transaction reports over the past year. According to FIU Director Langevine, the pandemic has created an environment conducive to crime, and financial institutions are bearing the brunt of these fraudulent activities.

Types of Fraud on the Rise

  • Money Transfer Agency Frauds: A staggering 46% of the reports come from money transfer agencies, highlighting the vulnerability of these institutions to fraud.
  • Online Frauds: The FIU has observed an increase in online fraud cases, including:
    • Romance scams: victims are defrauded of large sums of money after being influenced by social media users.
    • Package delivery scams: victims are defrauded of money after being tricked into receiving fake packages.
  • Email Compromise Frauds: Email accounts are compromised and instructions are sent to banks, resulting in substantial losses for companies.
  • Smurfing: A method used to launder money through the financial system has also been on the rise.

Collaboration and Cooperation

Despite the increase in scams, Langevine commended financial institutions for their cooperation and reporting of suspicious activities. The FIU is collaborating with local and international agencies to tackle these fraudulent activities, including:

  • Sharing information with FIUs from other countries such as Suriname, Trinidad and Tobago, and the United States.
  • Working closely with the Special Organised Crime Unit (SOCU) for investigation into suspected money laundering activities.

Call to Action

The public is being urged to remain vigilant and report any suspected fraud cases to the authorities. Langevine reassured that the FIU will continue to work tirelessly to bring perpetrators to justice and protect the financial system in Guinea.

Stay Safe, Stay Informed

To avoid falling victim to these scams:

  • Exercise caution when using social media platforms like Facebook and WhatsApp.
  • Verify the authenticity of email instructions before taking any action.
  • Report any suspicious transactions or activities to the authorities.