Guinea’s Financial Intelligence Unit Plays Vital Role in Combating Money Laundering and Terrorist Financing

Introduction

Guinea’s Financial Intelligence Unit (FIU) has undergone significant changes since its inception in 2004. As part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act No. 13 of 2009, the unit was revamped and rebranded to play a vital role in combating financial crimes.

Core Functions

According to Section 9(1) of the AML/CFT Act, the FIU’s core functions are centered around:

• Requesting information related to suspicious transaction reports
• Receiving and analyzing such information
• Disseminating relevant intel on money laundering, terrorist financing, or proceeds of crime

These responsibilities are crucial in Guinea’s efforts to combat financial crimes and maintain a stable economic environment.

Enhanced Mandate

With its revamped mandate, the FIU is now better equipped to:

• Track and prevent illicit activities
• Protect the country’s financial system
• Safeguard its reputation on the global stage

Collaboration with Stakeholders

The FIU works closely with other government agencies, financial institutions, and international partners to achieve these goals. As Guinea continues to strengthen its AML/CFT framework, the FIU remains a vital component in this endeavor.

By playing a central role in combating money laundering and terrorist financing, the FIU helps maintain a stable economic environment and safeguards Guinea’s reputation on the global stage.