Guinea Faces Growing Threats of Terrorist Financing

International Experts Warn of Significant Risks in Guinea

A recent evaluation by the Financial Action Task Force (FATF) has highlighted significant risks of terrorist financing in Guinea, sparking concern among international authorities. The assessment found that the country is vulnerable to illicit financial flows due to a combination of factors.

Key Findings from FATF Evaluation

• Inadequate regulatory frameworks: Guinea’s laws and regulations do not effectively address anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements.
• Insufficient enforcement mechanisms: The country lacks effective supervision and enforcement powers to detect and prevent illicit financial flows.
• Inadequate controls over cash transactions: Guinea has inadequate systems in place to monitor and track cash transactions, making it vulnerable to terrorist financing.

Urgent Need for Strengthening AML/CFT Regimes

The findings of this assessment underscore the urgent need for Guinea to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regimes. International experts are now calling on Guinea to take immediate action to address these vulnerabilities and prevent terrorist organizations from exploiting its financial system.

Priority Actions for Guinean Authorities

• Strengthen regulatory frameworks to effectively address AML/CFT requirements.
• Enhance enforcement mechanisms, including supervision and monitoring powers.
• Implement adequate controls over cash transactions.

The full report is available online, with a detailed executive summary outlining key findings and priority actions for the Guinean authorities.