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 ranks 141 out of 180 countries in Transparency International's 2023 Corruption Perception Index, with corruption remaining a significant issue as indicated by 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 is weak, and bribery is prevalent in both public and private sectors. Recent efforts, including the creation of the Court to Repress Economic and Financial Crimes, aim to address corruption, but challenges such as underfunding and lack of resources hinder progress.

Guinea is rich in natural resources, particularly in the extractives sector, boasting one-third of the world's bauxite reserves and significant deposits of gold, diamonds, and iron ore. However, the country faces substantial challenges, including pervasive corruption, bureaucratic inefficiencies, and a lack of skilled labor, which hinder foreign investment and economic growth. Despite recent efforts by the transition government to attract foreign direct investment and diversify the economy, the overall investment climate remains difficult due to these systemic issues.

Guinea's investment climate is characterized by its rich natural resources and a government that has adopted a positive stance towards foreign direct investment (FDI), aiming to diversify the economy and stimulate growth. However, challenges such as pervasive corruption, bureaucratic delays, and a lack of transparency in procurement processes hinder business operations. Despite these obstacles, the government has made efforts to improve the investment framework, including reducing land transfer fees and enhancing procedures for permits.