Financial Crime World

Financial Crime Prevention Measures Bolstered in Sierra Leone

Sierra Leone, a member of the Economic Community of West African States (ECOWAS) and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), is intensifying its efforts to combat money laundering, terrorism financing, and illicit arms trade. After being placed on the Financial Action Task Force (FATF)’s “gray list” due to strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) framework, the country has made notable progress in addressing these issues.

Addressing Deficiencies in Sierra Leone’s AML/CFT Framework

Since the mutual evaluation assessment by the FATF in 2017, the Government of Sierra Leone has taken several steps to strengthen its AML/CFT regime:

  • Passing the Anti-Money Laundering Act
  • Establishing a Financial Intelligence Unit
  • Creating an Assets Recovery Agency
  • Introducing new regulations for the financial sector
  • Implementing training programs for relevant staff and law enforcement agencies

Government’s Commitment to Enhancing AML/CFT Framework

Sierra Leone’s Minister of Finance, Mr. Jackson Coke, recently addressed the FATF Plenary, expressing his government’s commitment to further enhancing the country’s AML/CFT framework.

GIABA’s Support for Sierra Leone

GIABA has also extended its support to Sierra Leone by providing technical assistance and capacity building programs, as part of their efforts to help member states better tackle financial crime and improve economic governance:

Progress Against Financial Crime

Sierra Leone’s dedication to combating financial crime is a testament to its resilience and determination to create a stable, secure, and prosperous future for its people. With continued support from international organizations like FATF and GIABA and its own unwavering dedication, the nation is poised to overcome the challenges of financial crime and pave the way for a more prosperous and inclusive economic landscape.

Key Points

  • Sierra Leone has taken steps to strengthen its AML/CFT regime.
  • Government has passed new laws, established Financial Intelligence Unit, and introduced training programs.
  • Minister of Finance addressed FATF Plenary, expressing commitment to enhance AML/CFT framework.
  • GIABA provides technical assistance and capacity building programs.
  • Sierra Leone’s progress against financial crime is a testament to its resilience.