Guinea Country Summary

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.

Guinea faces significant challenges related to crime and corruption, with a pervasive culture of bribery and a lack of effective enforcement of anti-corruption laws. Despite the establishment of the National Agency to Fight Corruption and the creation of the Court to Repress Economic and Financial Crimes, these institutions remain underfunded and largely ineffective, as corruption continues to be a severe problem exacerbated by political instability and economic struggles.

The country is also a hub for various criminal activities, including human trafficking, drug trafficking, and environmental crimes, with criminal networks often connected to state authorities. While the new government has taken steps to address corruption, the judicial system's inefficiencies and the lack of accountability hinder progress, leaving civil society groups and citizens vulnerable to corruption and crime.

Guinea's economy is rich in natural resources, particularly in minerals like bauxite, gold, and diamonds, which present significant opportunities for foreign investment. However, the investment climate is hindered by a challenging political landscape following the 2021 coup, pervasive corruption, and bureaucratic inefficiencies that complicate business operations. While the transition government has shown a pro-Western stance and made efforts to attract foreign direct investment (FDI), the overall business environment remains fraught with obstacles, including lengthy approval processes and a lack of transparency, which can deter potential investors.