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Sierra Leone Tackles Money Laundering with AML, CFT Regulations
The Financial Intelligence Unit (FIU) of Sierra Leone has been working to combat money laundering and terrorist financing activities in the country. As a member of the Inter-Government Action Group against Money Laundering in West Africa (GIABA), the FIU is responsible for implementing national and international policies and standards to prevent the flow of “dirty” money.
Mission and Vision
According to the FIU’s mission statement, its aim is to provide clear and effective institutional lead in implementing these policies and standards. The unit’s vision is to ensure that Sierra Leone maintains a good standing as a trusted partner in the global campaign against money laundering.
Core Functions
The FIU performs three core functions:
- Monitoring and Analysis: receives information about financial transactions from reporting entities, analyzes them with data sourced from other institutions, and develops financial intelligence to detect money laundering or terrorist financing activities.
- Compliance and Prevention: ensures that reporting entities comply with AML/CFT regulations and prevents the flow of “dirty” money.
Recent Initiatives
The FIU has been involved in several initiatives to combat money laundering and terrorist financing, including:
- National Risk Assessment Workshop: concluded a five-day national risk assessment workshop at the New Brookfields Hotel in Freetown.
- Follow-up Report Submission: submitted its ninth follow-up report to the international community.
- Mutual Evaluation Reports (MER): working on MER related to anti-money laundering and combating the financing of terrorism.
Business Process
The FIU’s business process is designed to ensure that it:
- Receives and analyzes information about financial transactions
- Develops financial intelligence to detect suspicious transactions
- Disseminates information to law enforcement agencies for further investigation
Conclusion
The FIU’s efforts are aimed at preventing the flow of “dirty” money in Sierra Leone and ensuring that the country maintains a good standing as a trusted partner in the global campaign against money laundering.