Sierra Leone’s Commitment to GIABA: Establishing a Financial Intelligence Unit (FIU)
President Dr Ernest Bai Koroma of Sierra Leone reaffirmed his country’s commitment to the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) during a meeting with Dr Abdullahi Shehu, the organization’s Director General, on January 23rd, 2022.
President Koroma’s Assurance of Support
The President made this commitment during a meeting at State House, Freetown, where Dr Shehu led a GIABA delegation to congratulate him on his re-election and discuss ongoing efforts to address money laundering in the region.
“You do not need to convince me about the importance of setting up an FIU in Sierra Leone.” - President Dr Ernest Bai Koroma
Establishment of a Financial Intelligence Unit (FIU) in Sierra Leone
President Koroma pledged his continued support for the group and assured Dr Shehu that the process of establishing an FIU in Sierra Leone was already underway. He emphasized the urgency of the matter, stating:
- Parliament passed the Anti-Money Laundering Act, which received Presidential Assent in February 2012
- The appointment of a director to head the unit is imminent
- Necessary equipment will be procured to ensure the unit’s full operation
Ratification of Money Laundering and UN Terrorism Conventions
Moreover, the President highlighted his government’s intention to ratify the money laundering and UN terrorism conventions, which would be taken up by the current parliament.
The Role and Importance of a Financial Intelligence Unit (FIU)
Dr Shehu commended President Koroma’s leadership in the fight against money laundering in the region and praised the progress made in Sierra Leone. He, however, emphasized the critical role the FIU plays in this fight, as an international requirement that is often misunderstood.
“GIABA has a comprehensive budget to support the project with software, and once it is operational, law enforcement agencies like Interpol will be actively involved.” - Dr Abdullahi Shehu, GIABA Director General
Benefits of an FIU
The unit will provide numerous benefits, including:
- Confidence to the investment and business communities
- A significant step forward in the prevention and control of transnational crime
International Cooperation
Dr Shehu was in Sierra Leone to check on the progress of the project and encourage the President to provide the necessary infrastructure for its success. GIABA is a specialized institution of the Economic Community of West African States (ECOWAS), mandated to develop strategies for the prevention and control of transnational crime, mainly money laundering and terrorism financing.
Membership and Observer Status
Sierra Leone has been a member of the organization since 2001, and GIABA granted observer status to several African and non-African countries and intergovernmental organizations supporting its objectives.