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Sierra Leone Steps Up Efforts Against Money Laundering with Tougher Regulations
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The Financial Intelligence Unit (FIU) in Sierra Leone has taken significant strides in combating the flow of “dirty” money in the country, as it continues to implement anti-money laundering (AML) regulations.
Enhancing Transparency and Combating Money Laundering
The FIU receives information from various reporting entities, including banks, financial institutions, and other designated organizations. The received reports are then analyzed together with data sourced from other institutions to develop financial intelligence that helps identify suspicious transactions.
Strengthening International Partnerships
In addition to its core functions of receipt of statutory reports, analysis, and dissemination of information to law enforcement agencies, the FIU has been working closely with international partners to ensure compliance with global AML standards. Sierra Leone is a member of the GIABA (West African Financial Action Task Force) and has implemented measures to prevent the flow of terrorist financing.
Business Process Overview
According to sources within the FIU, the Unit’s business process involves:
- Receiving information about financial transactions from various reporting entities
- Analyzing them together with data sourced from other institutions
- Disseminating relevant intelligence to law enforcement agencies for further investigation
The Unit also receives the UN “Lists” of designated persons from the Ministry of Foreign Affairs and International Cooperation (MoFAIC) for freezing, seizing, or confiscation of terrorist funds and assets.
Expectations and Benefits
The implementation of AML regulations in Sierra Leone is expected to:
- Enhance the country’s reputation as a trusted partner in the global campaign against money laundering
- Strengthen the country’s financial system and reduce the risks associated with illegal activities such as corruption and terrorism financing
By implementing these measures, Sierra Leone aims to improve its international standing and prevent the flow of illicit funds.