Sierra Leone Moves to Boost Money Laundering Prevention Strategies
The Financial Intelligence Unit (FIU) in Sierra Leone has taken significant steps to prevent money laundering and terrorist financing activities in the country. The unit performs three core functions aimed at combating the flow of “dirty” money.
Core Functions of the FIU
- Receives statutory reports from various entities
- Analyzes these reports to identify suspicious transactions related to money laundering, financial crimes, and terrorist financing activities
- Disseminates information to other law enforcement agencies for swift action against those involved in these illicit activities
Strengthening Operations
The FIU has implemented several strategies to strengthen its operations, including:
- Receiving United Nations “Lists” of designated persons from the Ministry of Foreign Affairs and International Cooperation (MoFAIC)
- Freezing or seizing terrorist funds and assets
- Implementing a business process that involves receiving information about financial transactions from various reporting entities
- Analyzing this information with data from other institutions to develop financial intelligence, which helps detect money laundering or terrorist financing activities
Importance of these Strategies
Experts say that these strategies are crucial in ensuring Sierra Leone’s international standing as a trusted partner in the global campaign against money laundering and terrorist financing. The country is also a member of the GIABA (Inter-Governmental Action Group Against Money Laundering in West Africa) Bloc, which underscores its commitment to combating these illicit activities.
Recent Developments
The FIU recently concluded a five-day national risk assessment workshop at the New Brookfields Hotel in Freetown. The workshop aimed to identify and assess potential risks associated with money laundering and terrorist financing in Sierra Leone.
Additionally, the country’s Ninth Follow-up Report on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has been submitted, highlighting its progress in implementing international standards and recommendations.
Conclusion
Experts say that these efforts will go a long way in strengthening Sierra Leone’s financial system and preventing the misuse of funds for illegal activities. The country is therefore poised to maintain its position as a trusted partner in the global fight against money laundering and terrorist financing.