![]() After making limited progress in this area in 2014, Sierra Leone shifted its attention and resources in 2015 almost entirely to ending the Ebola outbreak. There is no indication money laundering activity in Sierra Leone is tied to the financing of terrorism. Most financial transactions, including currency exchanges and remittances, are unregulated and vulnerable to money laundering. The trade in stolen automobiles, many originating in the United States, continues to be a concern. The small-scale artisanal diamond mining industry is exploited by domestic groups and individuals rather than by transnational cartels. There is little evidence drug smuggling is a significant source of laundered money. Smuggling of pharmaceuticals, foodstuffs, gold, and diamonds occurs across porous land borders. Due in part to its large seaport, Sierra Leone is an attractive trans-sea shipment point for illegal drugs and other forms of illegal commerce. Loose oversight of financial institutions, weak regulations, pervasive corruption, and lack of financial crimes enforcement has made the country vulnerable to money laundering. Sierra Leone is not a regional financial center. Key Findings from the report are as follows:. Sierra Leone was deemed a Jurisdiction of Concern by the US Department of State 2016 International Narcotics Control Strategy Report (INCSR). US Department of State Money Laundering assessment (INCSR) NovemThe Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has since 2007 been concerned about the identified significant weaknesses in the anti money laundering/combating the financing of terrorism (AML/CFT) regime of the Republic of Sierra Leone. GIABA also calls on the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) to prevail on Sierra Leone to address the identified deficiencies in its AML/CFT system as the continued non- compliance poses serious threat to the integrity and soundness of the regional and global financial system. GIABA calls upon Sierra Leone to pass this draft AML/CFT Bill into law before April 30, 2012, and urgently to implement satisfactory and comprehensive AML/CFT regime. In addition, Sierra Leone has not operationalised its approved National AML/CFT Strategy designed to facilitate the implementation of the AML/CFT regime in a coordinated and concerted manner. The TC/Plenary noted further that a considerable number of actions required to be taken to rectify the deficiencies are dependent on the enactment of the AML/CFT bill. Even after the assistance by GIABA, the World Bank and UNODC in the revision of the draft Bill to ensure that the legislation is comprehensive, and that it meets international AML/CFT standards, Sierra Leone is yet to pass the bill into law, and as such, the weaknesses identified persist in the Sierra Leone’s AML/CFT regime. The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has since 2007 been concerned about the identified significant weaknesses in the anti money laundering/combating the financing of terrorism (AML/CFT) regime of the Republic of Sierra Leone.Īt its 16th Technical Commission/Plenary (TC/Plenary) meeting held in Lome, Togo from 14-16 November, 2011, GIABA noted that the passage of the draft AML/CFT Bill of Sierra Leone had been pending since April 2009. Public statement GIABA’s Enhanced Follow-Up Process in respect of Sierra Leone (November 29, 2011) ![]() It was Partially Compliant or Non-Compliant for all 6 of the Core Recommendations. According to that Evaluation, Sierra Leone was deemed Compliant for 2 and Largely Compliant for 1 of the FATF 40 + 9 Recommendations. ![]() The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Sierra Leone was undertaken by the Financial Action Task Force (FATF) in 2007. Sierra Leone is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
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