Editor's Note: In the latest installment of our series, the ACAMS moneylaundering.com legal team covers recent AML/CTF developments in west African nations. On May 23, the Inter-Governmental Action Group against Money Laundering in West Africa, a regional affiliate of the Financial Action Task Force, concluded in a report that Guinea Bissau's anti-money laundering framework falls short of FATF's standards. GIABA cited Guinea Bissau's general failure to address the risks presented by the country's large, informal, cash-based economy, allocate sufficient resources to the nation's financial intelligence unit and adequately penalize parties caught violating rules against illicit finance. The group found Guinea...
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