Financial Crime World

Money Laundering Techniques Exposed in Sierra Leone, Authorities Warn Citizens

Combating the Flow of “Dirty” Money

The Financial Intelligence Unit (FIU) in Sierra Leone is working tirelessly to detect and prevent money laundering techniques, which have been plaguing the country. The FIU performs three core functions: receipt of statutory reports, analysis, and dissemination of information on suspicious transactions.

How the FIU Operates

  • Receives information about financial transactions from various reporting entities, including banks, casinos, and other financial institutions.
  • Analyzes reports together with data sourced from databases of other institutions to develop financial intelligence aimed at detecting money laundering or terrorist financing activities.
  • Disseminates financial intelligence related to suspected money laundering or terrorist financing activities to law enforcement agencies for further investigation.

International Cooperation

  • The FIU works closely with other Law Enforcement Agencies (LEAs) to ensure that Sierra Leone does not become a haven for money laundering and terrorist financing activities.
  • Has been praised by international organizations, including the GIABA B, which has recognized Sierra Leone as a member of its anti-money laundering and combating the financing of terrorism initiative.

Educating Citizens

  • The FIU has conducted various workshops and training sessions to educate citizens about the dangers of money laundering and terrorist financing.
  • Recently concluded a five-day national risk assessment workshop at the New Brookfields Hotel in Freetown, aimed at enhancing its capabilities in detecting and preventing illicit activities.

International Recognition

  • Sierra Leone’s commitment to combating money laundering and terrorist financing has been recognized internationally.
  • The country is a signatory to various international conventions and treaties aimed at eradicating these illegal activities.

Effective Business Process

  • The FIU’s business process, which involves receiving information about financial transactions, analyzing reports, and disseminating intelligence to law enforcement agencies, has been hailed as an effective tool in the fight against money laundering and terrorist financing.
  • The unit’s efforts have helped to improve Sierra Leone’s international standing as a trusted partner in the global campaign against these illegal activities.

Call to Action

  • The FIU is urging citizens to report any suspicious transactions or activities to its offices.
  • Will continue to work closely with other law enforcement agencies to ensure that Sierra Leone remains a safe and secure country.