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 corruption challenges, ranking 141 out of 180 in Transparency International's 2023 Corruption Perception Index, with a history of bribery and ineffective enforcement of anti-corruption laws. The National Agency to Fight Corruption (ANLC) struggles with underfunding and inefficiency, while the recent establishment of the Court to Repress Economic and Financial Crimes has seen limited success in prosecuting corruption cases. Despite some legislative efforts, including an Anti-Corruption Law and asset declaration requirements, systemic issues and political instability continue to hinder effective governance and transparency.

Guinea is rich in natural resources, particularly in minerals such as bauxite, gold, and diamonds, which provide significant opportunities for foreign investment. However, the country faces substantial challenges, including pervasive corruption, bureaucratic inefficiencies, and a high unemployment rate, particularly among its youth population. Despite recent efforts by the government to attract foreign direct investment and improve the business climate, the overall economic environment remains complex and difficult for investors.

Guinea's investment climate is characterized by a wealth of natural resources, including significant mineral reserves, which present opportunities for foreign investment. However, challenges such as pervasive corruption, bureaucratic delays, and a lack of transparency hinder the ease of doing business. The transition government has shown a pro-investment stance, implementing reforms to attract foreign direct investment, yet the overall environment remains complicated by political instability and inefficiencies.