Financial Crime World

Title: “Sierra Leone Battles Corruption: A Look into Economic Crime Reports”

Background

  • Sierra Leone: History and Challenges
    • Involvement in transatlantic slave trade
    • Decade-long civil war
    • Ebola outbreak and COVID-19 pandemic
  • Economic and Social Impact
    • High poverty levels
    • Persistent issues: Corruption, weak governance, high youth unemployment

Corruption as a Lucrative Illicit Activity

  • Estimated cost: $160 million per year
  • Types of financial crimes: Corruption, drugs trafficking, smuggling, fraud, counterfeiting, intellectual property offences

Sierra Leone’s Anti-Corruption Commission (ACC)

  • Established in 2000
  • Progress and challenges
    • 2022 Transparency International Corruption Perceptions Index: 26 out of 100, 151st out of 180 countries
  • Notable attempts to strengthen the regulatory framework
    • 2001: Passing of the Anti-Corruption Act
    • Increased powers for investigation and prosecution

The challenges: Lack of resources and weak institutions

  • 42.5% of surveyed firms reported paying a bribe in the previous 12 months (World Bank Enterprise Survey, 2017)
  • Lack of a robust financial intelligence unit

Economic Landscape and Financial Crime Thrive

  • High poverty levels
  • Weak governance
  • Insufficient resources for law enforcement agencies

Supporting Sierra Leone’s Anti-Corruption Efforts

  • International partners, businesses, and NGOs can play vital roles

Conclusion

  • The current state of financial crime in Sierra Leone
  • The importance of fostering transparency, accountability, and effective law enforcement to combat corruption.