Financial Crime World

Title: Sierra Leone’s Anti-Money Laundering Laws: A Progress Report

Commitment to Preventing Corruption and Money Laundering in Sierra Leone

In the West African nation of Sierra Leone, the government’s efforts to combat corruption and money laundering have yielded significant progress in recent years. This media article provides an update on the current state of anti-money laundering laws and related institutional frameworks in the country.

Obligations under UNCAC

Sierra Leone has been proactive in fulfilling its obligations under the UNCAC (United Nations Convention Against Corruption), particularly Article 6, which mandates the establishment of preventive bodies to combat corruption.

The Anti-Corruption Commission (ACC)

  • Established in 2000 by an Act of Parliament
  • Mandate: Prevent, eradicate, or suppress corruption
  • Roles and Responsibilities:
    • Conduct asset declarations
    • Monitor contract implementation
    • Collaborate with foreign and local institutions
  • 2008 Amendment:
    • Expanded scope of corruption offenses
    • Provided protection for whistleblowers

National-Level Institutional Reforms

  • Audit Service Sierra Leone (ASSL)
    • Transformation: Greater transparency, accountability, and adherence to anti-corruption laws
  • National Public Procurement Authority (NPPA)
    • Role: Promote transparency, accountability, and competition through effective public procurement
  • Public Accounts Committee
    • Role: Ensure adherence to financial regulations and accountability

Anti-Money Laundering Regulations

  • Enactment of Anti-Money Laundering Act in 2005: Criminalizes money laundering and related activities
  • Powers for freezing orders
  • Money Laundering Regulations: Apply to nearly all financial institutions

National Anti-Corruption Strategy (NACS)

  • Focus: Improve public sector service delivery, promote transparency, and foster public engagement
  • Key Components: Stakeholder participation, knowledge-based design

Preventive Bodies and Agencies

  • Anti-Corruption Commission (ACC)
  • National Public Procurement Authority (NPPA)
  • Audit Service Sierra Leone (ASSL)
  • Financial Intelligence Unit (FIU)
  • Roles and Responsibilities:
    • ACC: Prevent, detect, and investigate corruption
    • NPPA: Promote transparency and competition in public procurement
    • ASSL: Maintain the integrity of public finances and public sector institutions
    • FIU: Monitor financial transactions to identify and investigate suspicious activities

Challenges and Ongoing Efforts

  • Addressing weaknesses in AML/CFT regime
  • Demonstrating the effectiveness of laws through prosecutions and convictions
  • Collaborations with international organizations
  • Public awareness and engagement

Conclusion

Sierra Leone has shown commitment and progress in implementing anti-corruption and anti-money laundering laws. However, challenges remain, and ongoing reforms and collaborations will be essential to further strengthen the anti-corruption and anti-money laundering frameworks.