Western Sahara’s Financial Intelligence Unit Takes Centre Stage in Combating ‘Dirty’ Money

The Financial Intelligence Unit (FIU) in Western Sahara has been at the forefront of combating the flow of illicit funds, with its three core functions aimed at tackling money laundering, financial crimes, and terrorist financing activities.

Core Functions of the FIU

• Monitoring and analyzing suspicious transactions
• Compliance with anti-money laundering regulations
• Prevention of financial crimes

The unit’s primary goal is to detect and prevent money laundering and terrorist financing activities. To achieve this, it receives information from various reporting entities and analyzes it together with data sourced from other institutions to develop financial intelligence.

Dissemination of Financial Intelligence

Where necessary, the FIU disseminates financial intelligence to law enforcement agencies for further investigation into suspected money laundering or terrorist financing activities.

Collaboration with International Organizations

The unit also receives the United Nations’ list of designated persons from the Ministry of Foreign Affairs and International Cooperation for freezing, seizing, or confiscating terrorist funds and assets.

Recent Efforts

In recent times, the FIU has concluded a five-day national risk assessment workshop at the New Brookfields Hotel in Freetown, underscoring its commitment to staying ahead of the curve in combating financial crimes.

Global Recognition

The unit’s efforts have been recognized globally, with Sierra Leone being a member of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).