Guinea Bissau Country Summary
Higher Risk
View full Ratings TableSanctions
Higher Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Higher Concern
US State ML Assessment
Higher 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 Bissau is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The latest Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guinea Bissau was undertaken in 2022. According to that Evaluation, Guinea Bissau was deemed Compliant for 5 and Largely Compliant for 11 of the FATF 40 Recommendations. It was rated Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.
Sanctions
International sanctions against Guinea Bissau include travel restrictions and an asset freeze targeting individuals who obstruct the peaceful political process and undermine stability in the country. These measures were introduced by the European Union on May 3, 2012, and were reinforced by a UN Security Council resolution that imposed a travel ban on those seeking to prevent the restoration of constitutional order.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 21 |
| World Bank: Control of Corruption Percentile Rank | 13 |
Guinea-Bissau faces significant challenges related to crime and corruption, with human trafficking, drug trafficking, and organized crime deeply embedded within its socio-economic fabric. The country's fragile institutions and pervasive corruption hinder effective governance and law enforcement, leading to a weak response to criminal activities and a lack of support for victims and witnesses.
Economy
Guinea-Bissau's economy is heavily reliant on agriculture, with key exports such as fish, cashew nuts, and groundnuts, but it grapples with high poverty rates and one of the lowest GDP per capita figures globally. Political instability has historically stifled economic growth, resulting in macroeconomic imbalances and social deterioration, although recent IMF-backed reforms have shown some promise for improvement. The investment climate is adversely affected by bureaucratic inefficiencies, corruption, and systemic banking issues, which deter foreign investment, compounded by the country's role as a transit point for drug trafficking that threatens governance and security.
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