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 countries in Transparency International's 2023 Corruption Perception Index. 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, including the creation of the Court to Repress Economic and Financial Crimes, aim to address corruption, but convictions have been limited, highlighting the ongoing struggle against corrupt practices in the country.

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 considerable challenges, including pervasive corruption, bureaucratic inefficiencies, and a high unemployment rate, particularly among the youth. Despite recent efforts by the government to attract foreign direct investment and improve the business climate, substantial work remains to fully capitalize on its economic potential.

Guinea's investment climate is characterized by significant opportunities due to its rich natural resources, including one-third of the world's bauxite reserves and substantial mineral reserves. However, challenges such as pervasive corruption, bureaucratic delays, and a lack of transparency hinder foreign direct investment, despite the government's pro-Western stance and efforts to attract investors. The transition government has expressed a commitment to improving the investment environment, but the effectiveness of these measures remains to be seen.