Financial Crime World

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IMF Plays Crucial Role in Combating Money Laundering, Terrorism Financing in Guinea

Effective anti-money laundering (AML) and combating the financing of terrorism (CFT) policies and measures are essential to protect the integrity and stability of financial markets and the global financial system. The International Monetary Fund (IMF) has been at the forefront of combating money laundering and terrorism financing in Guinea, working closely with the government to strengthen its AML/CFT framework.

Shaping Global Policies

Over the past 20 years, the IMF has helped shape AML/CFT policies globally, providing policy advice on macro-critical issues in Article IV consultations and covering AML/CFT issues relevant to the financial sector’s soundness and stability as part of Financial Sector Assessment Programs (FSAPs). The Fund also delivers bilateral, regional, and thematic technical assistance to its member countries.

Strengthening AML/CFT Framework in Guinea

In Guinea, the IMF has been working closely with the government to strengthen its AML/CFT framework. The country’s efforts have been recognized by the international community, with the Financial Action Task Force (FATF) calling for Guinea to address certain deficiencies in its AML/CFT regime.

Guiding Strategy

The IMF’s work on AML/CFT is guided by its strategy, which was reviewed and endorsed by the Executive Board in November 2023. The review highlighted the need for a more focused approach on the macroeconomic impacts of money laundering, related financial crime, and terrorism financing.

Consequences of Illicit Flows

Policymakers in Guinea need a fuller understanding of the consequences of illicit flows, including:

  • Tallies of fiscal costs
  • Monetary costs
  • Financial costs
  • Structural costs

The fight against financial crime requires better analysis and coordination to win.

Protecting the Integrity and Stability of Guinea’s Financial Sector

The IMF’s AML/CFT work is critical to protecting the integrity and stability of Guinea’s financial sector and economy. The Fund’s efforts will continue to support the country in strengthening its AML/CFT framework and combating money laundering, terrorism financing, and other financial crimes.