Guinea Tackles Money Laundering with Strengthened Regulations
Guinea has taken a significant step in combating illegal financial activities by strengthening its anti-money laundering (AML) regulations through the Financial Intelligence Unit (FIU).
A Brief History of the FIU
Established in 2004 under the repealed Money Launderling Prevention Act of 2000, the FIU was revamped and rebranded as part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act No. 13 of 2009.
Core Functions of the FIU
According to section 9(1) of the AML/CFT Act, the core functions of the FIU include:
- Requesting information on suspicious transaction reports
- Receiving and analyzing data related to money laundering, terrorist financing, or criminal proceeds
- Disseminating information to relevant authorities
A Stronger Approach to Fighting Financial Crimes
Guinea’s strengthened AML regulations demonstrate its commitment to combating financial crimes and protecting the integrity of its financial system. The revamped FIU is well-equipped to detect and prevent illegal activities, ensuring a safer and more secure environment for businesses and individuals alike.