UNODC Steps Up Efforts to Combat Money Laundering in Guinea
The United Nations Office on Drugs and Crime (UNODC) has intensified its efforts to combat money laundering in Guinea, with a focus on tackling the root causes of criminal activities that fuel corruption, organized crime, terrorism, and other illegal activities.
The Threat of Money Laundering
Money laundering is a prime motivator for engaging in criminal activity, allowing criminals to disguise the illegal origins of their wealth and protect their assets. This has far-reaching social consequences, potentially destabilizing entire states. According to experts, money laundering is a major driver of corruption, organized crime, terrorism, and other illegal activities.
UNODC’s Anti-Money Laundering Strategy
The UNODC’s Sub-Programme 2 (SP 2) focuses on capacity building activities that cover traditional and new means of money laundering techniques. These include:
- Prevention of abuse of money or value transfer services
- Investigation of misuse of cryptocurrencies, blockchain, Darknet, contactless payments, and others
- Disruption of illicit financial flows
Capacity Building and Advisory Services
SP 2 provides advisory services to Guinea’s government and supports regional synergies among financial intelligence units (FIUs) through:
- Regional FIU meetings
- Strengthening of a regional AML group of experts
- Signing of memoranda of understanding on anti-money laundering/countering the financing of terrorism (AML/CFT)
Increased Cooperation and Partnerships
In the second phase of the programme, SP 2 has scaled up its AML/CFT efforts by increasing cooperation with relevant UNODC programmes and external partners. These include:
- Global Programme against Money Laundering, Proceeds of Crime and Financing of Terrorism (GMPL)
- EU Cocaine Programme (CRIMJUST)
- EU Action Against Drugs and Organised Crime (EU-ACT)
- Eurasian Group (EAG)
- Central Asian Regional Information and Coordination Centre for Combating Illicit Trafficking of Narcotic Drugs, Psychotropic Substances and their Precursors (CARICC)
- Peoples Bank of China
Preventing Money Laundering in Guinea
The UNODC’s efforts in Guinea are crucial in preventing, detecting, and combating money laundering. By identifying criminals and the predicate offences from which money is derived, these initiatives aim to weaken criminal organizations’ economic power and forestall the evil effects of “criminal businesses” on the legal economy.
Conclusion
In conclusion, the UNODC’s efforts to combat money laundering in Guinea are a critical step towards preventing corruption, organized crime, terrorism, and other illegal activities. By strengthening regional synergies and increasing cooperation with relevant programmes and partners, the UNODC is working towards a safer and more secure future for all.