By Alpha Abu
The Director of the Financial Intelligence Unit (FIU) David Borbor has said that Sierra Leone made some reasonable progress in meeting the benchmarks set by its international partners in addressing issues related to money laundering and other illegal transnational activities that are a threat to the economy and stability of nations.
The FIU boss was talking about the Mutual Evaluation Report on Sierra Leone that was submitted by GIABA a specialised institution of the regional grouping ECOWAS, that supports efforts to curb money laundering and financing of acts of terrorism in West Africa. He said during the November 2020 GIBIA meeting in Dakar, Senegal , partners rated well the FIU’s performance in the Technical aspects in combating money laundering and counter terrorism financing measures but admitted that there was need for improvement in terms of Compliance.
The findings by GIABA were based on a National Risk Assessment in 2017. The subsequent Mutual Evaluation Report outlined a number of areas that Sierra Leone was to improve on.
He expressed the view that in addressing Anti-Money Laundering and Counter Terrorism Financing the country should do more and highlighted a number of factors that impede the process. Informal and cash-based economy and the under-resourced situation of the authorities, coupled with the porous land borders and ineffective or weak cash control measures along the country’s frontiers were some of the barriers to the enforcement of compliance measures.
It was also highlighted that “lack of effective, proportionate and dissuasive sanctions” against entities that violate regulations on anti-money laundering and counter terrorism financing, remains a challenge.
FIU is an institution that apart from monitoring and analysing, it also ensures compliance and prevention of money laundering and financing of terrorism within the borders of Sierra Leone.
GIABA is the inter-governmental action group that promotes policies for member states in line with international standards that guard against money laundering, counter terrorism financing and the proliferation of weapons of mass destruction in West Africa.
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