The Guinean government is now engaged in a dynamic fight against money laundering and the financing of terrorism, scourges that undermine the country's economic development, according to a preliminary draft document of the Guinean Central Bank.

To do this, the Central Bank of the Republic of Guinea (BCRG) submitted Thursday to the Council of Ministers, a preliminary draft law on the fight against money laundering and the financing of terrorism.

According to BCRG Governor Dr. Louncény Nabé, money laundering resources represent just over 5% of the world's gross domestic product (GDP).

It noted in the preliminary draft document that money laundering and the financing of terrorism, having a national and transnational character, have become subjects of concern to international organizations such as the United Nations, the International Monetary Fund (IMF), international conventions and the Recommendations of the Financial Action Task Force (FATF), and GIABA at the West African level.

The draft law comprises 150 articles divided into 14 chapters that deal, inter alia, with criminal provisions, the criminalization of money laundering and terrorist financing, the implementation of United Nations Security Council resolutions, as well as the vigilance measures to be adopted by financial institutions, respectively, non-financial businesses and professions and money laundering detection.

With regard to the specific case of Guinea, the government has just created a National Unit for the Processing of Financial Information (CENTIF), placed under the supervision of the Central Bank of the Republic of Guinea.

Furthermore, with regard to international cooperation, the preliminary draft law notes that "all forms of international cooperation in police and judicial matters and international legal assistance are provided for in this draft law, in accordance with the provisions of the Code of Criminal Procedure".

For the Guinean authorities, this draft law is important for the integrity and stability of Guinea's economic and financial system and for the country's national security. End