Guinea Adopts Risk-Based Approach to Compliance

Conakry, Guinea - In a significant move towards strengthening its anti-money laundering (AML) and counter-terrorism financing (CFT) regime, Guinea has implemented a risk-based approach to compliance.

Progress Made in Implementing Key Recommendations

According to the latest assessment report, Guinea has made progress in implementing key recommendations from the Financial Action Task Force (FATF), with ratings of “largely compliant” or “partially compliant” across several areas. The report highlights Guinea’s strong performance in:

• Assessing risk and applying a risk-based approach
• National cooperation and coordination efforts

Challenges Remain

However, Guinea still faces challenges in certain areas, including:

• Regulation and supervision of non-profit organizations and legal persons
• Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
• Transparency of beneficial ownership

Improvements Expected

Guinea’s risk-based approach to compliance is expected to improve its ability to identify and mitigate money laundering and terrorist financing risks. The country has also made significant progress in implementing:

• Targeted financial sanctions related to terrorism and terrorist financing
• Measures to prevent the misuse of correspondent banking relationships

Areas for Improvement

The report highlights several areas where Guinea needs to improve, including:

• Regulation and supervision of DNFBPs
• Transparency of beneficial ownership
• Powers of supervisors

Additionally, Guinea has been encouraged to further enhance its financial intelligence unit, as well as its cooperation with other countries in the region.

Conclusion

Guinea’s risk-based approach to compliance is a positive step towards strengthening its AML/CFT regime and improving its ability to combat financial crimes. However, the country still faces significant challenges that must be addressed to ensure the effectiveness of its efforts.