Guinea Country Summary
Medium-High Risk
View full Ratings TableSanctions
Higher Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Higher Concern
US State ML Assessment
Lower Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Guinea is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guinea was undertaken in 2023. According to that Evaluation, Guinea was deemed Compliant for 12 and Largely Compliant for 14 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.
Sanctions
There are no active UN sanctions against Guinea at present; previous measures related to the 2009 violence were not renewed. However, several non-UN regimes impose targeted sanctions on Guinea-linked individuals (e.g., OFAC designations of Alpha Condé, Ali Saade, and Ibrahim Taher) and maintain asset freezes and travel bans through the EU, UK, and Switzerland, while arms embargoes are not in place.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 26 |
| World Bank: Control of Corruption Percentile Rank | 20 |
Guinea continues to grapple with pervasive corruption and crime, significantly impacting its governance and economic environment. The political landscape has shifted following a military coup in 2021, leading to attempts to address corruption; however, political instability and a lack of effective law enforcement hinder these efforts, leaving the judicial system vulnerable to corruption and undermining the fight against organized crime.
Economy
Guinea presents a landscape rich in investment opportunities, particularly in its abundant mineral resources, including significant bauxite, gold, and diamond reserves. However, the political and economic climate, especially following the 2021 coup, poses considerable challenges for foreign investors, including pervasive corruption, bureaucratic delays, and a lack of transparency in regulatory practices. While recent government reforms aim to attract foreign direct investment and diversify the economy beyond the extractive sector, the country still faces significant hurdles, such as high unemployment rates, especially among youth, and a need for improved infrastructure and legal frameworks to support business operations.
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