Financial Crime World

Financial Crimes Investigation Agencies in Sierra Leone: A Force Against Money Laundering and Terrorist Financing

Introduction

The Financial Intelligence Unit (FIU) is the leading agency responsible for combating financial crimes and money laundering in Sierra Leone. With its headquarters in Freetown, the FIU works tirelessly to prevent the flow of “dirty” money into and out of the country.

Core Functions

  • Receiving statutory reports from various institutions
  • Analyzing suspicious transactions
  • Disseminating vital information to law enforcement agencies for investigations
  • Monitoring and analyzing financial transactions to detect and prevent money laundering and terrorist financing activities

Collaboration and Progress

The FIU has made significant strides in its mission to ensure Sierra Leone’s international reputation as a trusted partner in the global fight against money laundering. To this end, it has collaborated with regional and international organizations to share intelligence and best practices.

Recent Initiatives

  • The FIU concluded a five-day national risk assessment workshop at the New Brookfields Hotel in Freetown, which aimed to enhance the agency’s capacity to identify and mitigate financial risks associated with money laundering and terrorist financing.
  • The agency has published several reports on its findings and recommendations, including the Ninth Follow-up Report of Sierra Leone, which highlights the country’s progress in implementing international standards against money laundering and terrorist financing.

Modus Operandi

The FIU’s modus operandi begins with the receipt of financial transaction reports from various entities, which are then analyzed together with information gathered from other databases to develop financial intelligence. This intelligence is used to detect and prevent money laundering or terrorist financing activities, whereupon it is disseminated to law enforcement agencies for further investigation.

Additional Functions

  • Receiving the UN’s “Lists” of designated persons from the Ministry of Foreign Affairs and International Cooperation (MoFAIC) for the purpose of freezing, seizing, or confiscating terrorist funds and assets.
  • Forwarding these lists to the Civil Intelligence Service Unit (CISU) for action in accordance with FIU procedures and mechanisms.

Contact Information

  • Opening Hours: Monday - Friday, 8:30 am - 5:00 pm
  • Call Us Anytime: +232 79 143 105
  • Email Us: info@v2.v2.fiu.gov.sl

Vision and Commitment

The FIU is committed to providing a clear and effective institutional lead in implementing national and international policies and standards. Its vision is to ensure Sierra Leone’s continued standing as a trusted partner in the global campaign against money laundering.