Despite progress registered in the implementation of its anti-money laundering laws, Sierra Leone needs to do more in its efforts to counter the phenomenon, government officials and financial experts have said.
The officials said at a seminar on Anti-Money Laundering and Financing of Terrorism (AML/FT) that the country also needs to raise awareness and further strengthen its enforcement mechanism to prevent financial crimes and terrorist activities from taking roots.
The Inter-Governmental Action Group against Money Laundering in West Africa, known by its French acronym GIABA, organized the National Sensitization Seminar for Religious Leaders and Institutions on AML/CFT in Freetown. GIABA officials said the seminar which was designed to target religious leaders is a response to the increasing involvement of religious groups in criminal activities, including terrorism, across the globe.
“Today we live in uncertain times not because of Covid-19 but the activities of extremist organizations that embark on senseless destruction of lives and properties in the name of religion,” said David N. Borbor, Director of the Financial Intelligence Unit of Sierra Leone.
Mr. Borbor said the complex nature of money laundering and terrorist financing is a manifestation of modern day criminality, and that the complex and varied ways in which they operate in practice makes assessing the harm they cause a daunting task. He said the seminar, was designed to protect faith-based organizations from been used and abused by fanatic organizations because “Money Laundering and terrorist financing have adverse effects on the economy.”
Mr. Borbor said Sierra Leone’s journey in the fight against money laundering and terrorist financing since the formation of GIABA in 2000 can be seen in the strengthening of his unit to make it more independent through various legislative reforms. He cited the establishment of the anti-corruption court in 2019 as a further boost to Sierra Leone’s standing in the global fight. He said “Notwithstanding all the gains made over the years, key and strategic deficiencies remain and require our collective response to ensure that our country is in compliance with acceptable international standards in the fight against the twin scourges.”
Dr. Bruno Nduka, Director of Evaluation and Compliance at GIABA, who represented the Director General of the Senegal-based agency, emphasized the importance of the role religious leaders can play in the fight against money laundering and terrorist financing. He explained that the seminar was a springboard for new commitment for all religious leaders to identify these roles.
Dr. Nduka said: “What we know as predicate offenses, like money laundering, bribery and corruption, kidnapping for ransom in our part of the world is worrisome…the voice of our religious leaders must be strongly heard against these crimes. They must also be seen to lead the way through their actions.”
While praising Sierra Leone’s performance in the implementation of GIABA’s mandate, Dr. Nduka said the country has just completed the second round mutual evaluation at the 34th GIABA Plenary in Dakar, Senegal, in December 2020 and that the outcome revealed that the performance of Sierra Leone puts it on track. But he warned that much more needed to be done in terms of building capacity to enforce relevant legislations.
In his keynote address Sierra Leone’s Justice Minister, Anthony Brewah cited several reforms the country has embarked on since it first enacted a law on anti-money laundering, saying there was still need for more reforms to meet prevailing circumstances imposed by the increasingly globalized world where criminals have evolved in terms of their operations.
Mr. Brewer stressed the need for increased public awareness on what constitutes a money laundering offence and “the role of our religious leaders in the fight is very significant, since terrorists are using religion to attain their ungodly acts.”
Participants were drawn from the membership of the Inter religious Council of Sierra Leone, comprising scholars from the Islamic and Christian faiths, the two dominant religions in the country.
GIABA is an agency of the Economic Community of West African States (ECOWAS), mandated to protect the 15-member states of the bloc against money laundering and terrorist financing and their consequences. It was established in 2000 but it began operation in 2005.
Among others, GIABA conducts mutual evaluation of member countries, which is a peer review mechanism designed to assess the level of compliance of a country to the agency’s regimes.
The agency also carries out research to identify trends in money laundering and terrorist financing, with the goal of strengthening preventive measures across the sub region.
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