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Banks Struggle to Detect Financial Crimes in Guinea

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A new report has revealed that financial institutions in Guinea are struggling to detect money laundering crimes, with human trafficking emerging as one of the most prevalent problems.

The Problem of Human Trafficking and Money Laundering

According to the UN, there are an estimated 25 million victims of trafficking worldwide, making this crime one of the most prevalent money laundering offences globally. The problem continues to rise with banks and other financial institutions struggling to spot and stop offences among their transactions.

Guinea’s Struggle to Detect Human Trafficking

In Guinea, over a third (36%) of financial services professionals aren’t confident in spotting signs of human trafficking in their customers’ transactions. Furthermore, the projected total cost to financial institutions to detect financial crime stands at $180.9 billion globally, with a significant portion expected to be incurred by banks in Guinea.

Guinean Banks Urged to Improve Anti-Money Laundering Strategy

The report highlights the need for Guinean banks to improve their anti-money laundering strategy, particularly in detecting human trafficking. Currently, almost a fifth (19%) of financial institutions in Guinea do not have an anti-money laundering strategy in place.

Recommendations from BAE Systems’ Applied Intelligence

Peter Fisher, Financial Crimes Product Director at BAE Systems, commented: “Money laundering is a challenge that goes way beyond financial risk and corporate reputation. Yet it is also shrouded in opacity. At this moment, criminals are rushing to take advantage of every opportunity to exploit gaps in the global financial system.”

Guinean Consumers Want Banks to Demonstrate Conscience

The report also found that Guinean consumers want banks to demonstrate conscience through good ethical practices. Three-quarters (75%) of customers would leave their bank or financial institution if they fail to demonstrate a proactive approach to money laundering/ethical practices linked to money laundering.

Recommendations for Guinean Banks

Improving anti-money laundering strategy and training
Investing in technology to detect suspicious transactions
Increasing transparency and accountability
Working closely with law enforcement agencies

Conclusion

The report highlights the need for Guinean banks to improve their anti-money laundering strategy and training to prevent financial crimes, particularly human trafficking. By working together, Guinean banks, governments, and consumers can combat this issue and create a safer and more transparent financial system.

To read the full report, please visit: https://www.baesystems.com/GlobalStateofAML

About BAE Systems Applied Intelligence:

BAE Systems Applied Intelligence is a leading provider of intelligence solutions to governments and businesses around the world. For further information about BAE Systems Applied Intelligence, please visit: https://www.baesystems.com/ai