Title: New Banking Compliance Laws Take Effect in Sierra Leone

The Bank of Sierra Leone Act, 2019: A Major Overhaul

Sierra Leone’s parliament recently passed the Bank of Sierra Leone Act, 2019, which came into effect on June 27, marking a significant change in the fiscal and legal framework governing the country’s banking sector. The new legislation supersedes the Bank of Sierra Leone Act, 2000.

Key Changes and Implications

Licensing and Regulation

Payment Service Providers and Virtual Financial Assets Service Providers: The Act covers the licensing of these entities, demonstrating the government’s commitment to fostering a more inclusive and innovative financial landscape.
Chief Examiner: The Bank of Sierra Leone (BSL) will have the power to appoint a Chief Examiner, tasked with examining and assessing the soundness and solvency of banks and financial institutions. This move aims to ensure financial institutions maintain a robust financial position, safeguarding depositor interests and the economy.

Combating Money Laundering and Terrorist Financing

Financial Intelligence Unit (FIU): Established to combat money laundering and financing of terrorism, the FIU will receive, investigate, and take action on reports of suspicious transactions, making it a crucial part of the anti-money laundering and counter-terrorist financing infrastructure.

Stay Informed: New Guidelines and Regulations Ahead

As the Bank of Sierra Leone Act, 2019, takes effect, stakeholders within the banking sector and the general public are encouraged to stay informed. The Bank of Sierra Leone has pledged to provide extensive educational material, explaining the implications of the Act and the improvements it will bring to banking services and the financial system. Additionally, new guidelines and regulations are expected to be issued to facilitate implementation.

The “Bank of Sierra Leone Act, 2019” document can be accessed and downloaded on the SierraLII website. Citizens are invited to share the document on popular social media platforms such as WhatsApp, Twitter, Facebook, and LinkedIn to ensure wider awareness and understanding of the new legislation.