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 continues to struggle with significant corruption, as evidenced by its low ranking in Transparency International's 2023 Corruption Perception Index and the World Bank's governance indicators. Despite the existence of anti-corruption laws and the establishment of the National Agency to Fight Corruption (ANLC), enforcement remains weak, with many citizens reporting experiences of bribery in various sectors. Recent efforts to strengthen the anti-corruption framework, including the creation of the Court to Repress Economic and Financial Crimes, have seen limited success, with few convictions and ongoing challenges in governance and transparency.

Guinea is rich in natural resources, particularly in the extractives sector, holding one-third of the world's bauxite reserves and significant deposits of gold, diamonds, and iron ore. Despite these advantages, the country faces substantial challenges, including pervasive corruption, bureaucratic inefficiencies, and a high unemployment rate, particularly among its youth. Recent political instability following the 2021 coup has further complicated the investment climate, although the government is actively seeking to attract foreign investment to diversify the economy and stimulate growth.

Guinea's investment climate is characterized by its rich natural resources, including significant mineral reserves, which present substantial opportunities for foreign investment. However, investors face considerable challenges, including pervasive corruption, bureaucratic delays in obtaining licenses, and a lack of transparency in procurement practices. Despite these hurdles, the transition government has shown a positive attitude towards foreign direct investment, aiming to diversify the economy and improve the business environment.