President Koroma reassures GIABA of Sierra Leone’s Commitment to Combating Financial Crimes

Freetown - In a show of dedication to combating financial crimes, President Dr Ernest Bai Koroma of Sierra Leone reassured the Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Dr Abdullahi Shehu, of his government’s commitment to GIABA’s goals and aspirations.

GIABA’s Visit to State House

The assurance came during a visit by GIABA’s delegation to State House on January 23rd, led by Dr Shehu. President Koroma affirmed his government’s support for GIABA and confirmed that the process of setting up a Financial Intelligence Unit (FIU) in Sierra Leone was already underway.

Passing of the Anti-Money Laundering Act

He highlighted that the necessary legal framework had been put in place with the passing of the Anti-Money Laundering Act in February 2012. President Koroma declared, “Your six hours of persuasion to the Guinean Finance Minister about the importance of the FIU is unnecessary in our case.” This reassurance was made because the governor of the Bank of Sierra Leone had already begun paving the way for the establishment of the FIU.

International Requirement and Investor Confidence

Dr Shehu explained that the FIU was an international requirement. He further disclosed that GIABA had a comprehensive budget to fund the project and promised that law enforcement agencies like Interpol would be actively involved once set up. The establishment of the FIU is crucial for restoring investor confidence in the region as it is a necessary organ related to other law enforcement agencies and a vital prerequisite for fighting money laundering and terrorism financing.

Outstanding Leadership and Support for the Region

President Koroma, who had recently been re-elected in a landslide victory, was commended by Dr Shehu for his outstanding leadership and unwavering support for the region. He acknowledged President Koroma’s quick endorsement of the Anti-Money Laundering Act as a clear demonstration of his government’s resolve to combat financial crimes.

Role of GIABA

GIABA is a specialized institution established by ECOWAS heads of state and government in 2000, dedicated to developing strategies to prevent and control transnational crimes, including money laundering and terrorism financing, in West African member states. The organization is responsible for helping its members assess their level of compliance with international standards against money laundering and terrorism financing. GIABA also grants observer status to interested African and non-African states and Inter-Governmental Organizations that support its objectives.