DIRECTOR FIU AND MANAGEMENT MEETING WITH US EMBASSY REPRESENTATIVE.

The Director FIU, Mr. David N. Borbor dilated on workplan already set in motion for 2020 but only remote assistance received now from U.S. OTA intermittent advisors Chris Wondra, Jeff Cooper and others.

The essence of the meeting was to discuss the followings:

  1. To communicate what the Unit is currently doing and the challenges facing the FIU to combat Money Laundering and Terrorist Financing in Sierra Leone.
  2. To solicit support from the Embassy in providing technical assistance to the Unit especially in the area of ICT.
  3. To help in providing capacity building for operational staff of the Unit

After Listening to the U.S Embassy representative on reason for visit.

Director FIU appreciates U.S support in training and U.S Treasury Technical Assistance, Christine Wandra, Jeff Cooper and others.

The Director highlighted the following Challenges:

SUPPORT FIU FUNCTIONING THAT IS CONSISTENT WITH INTERNATIONAL STANDARDS AND BEST PRACTICES.

  • The functioning of the FIU needs to be improved so that it can meet performance standards for core functions. A key objective of this project component in 2020 will be to assist FIU management and staff to understand and perform its core functions while off-loading responsibilities to the appropriate stakeholders to ensure duties are being shared across the AML/CFT regime. FIU hopes to actively relinquish control where appropriate and possible.
  • Support FIU functioning that is consistent with international standards and best practices. Assist FIU management to continue identification of non-core functions with the goal of “freeing up” resources necessary to improve effectiveness and efficiency. Out of necessity the FIU has amassed a breadth of AML/CFT responsibilities outside of conventional core functions, which demand increased attention and resources. It is crucial for other appropriate stakeholders to begin “shouldering” some AML/CFT responsibilities, but incumbent on the FIU to ensure non-core work functions are performed as means of knowledge transfer.
  • Support money laundering case development and asset forfeiture proceedings that are consistent with international standards and best practices.

FIU MANAGEMENT DEVELOPMENT:

  • Some of the activities are intended to Continue supporting FIU management in understanding and clearly promoting their analytic and intelligence mandates as appropriate to the FIU’s core mission.
  • Further develop already existing Standard Operating Procedures (SOPs) into a comprehensive document with the goal:
  1. To create a “record” of risks & implemented controls.
  2. Maintenance of SOPs enveloped into an existing job function.
  3. Further develop project management “tools” and staff skills to promote a culture of accountability and a basis to measure/track progress on efforts.

FIU “IT” STRATEGY WE NEED THE US EMBASSY TO:

  • Assist the FIU to develop processes and procedures designed to leverage fully the information collected via the IT templates created in 2019. Then we will be able to Develop routine reports – tactical and strategic – designed to alert the FIU to anomalous activity not otherwise reported (i.e., spontaneous reporting) and to measure shifts in risks, to include geography (TF) and FI underreporting of STRs.
  • Develop robust methods of prioritizing technology objectives and solutions the ensure Short-term goals (i.e., immediate or time-sensitive improvements) that provide “lift” but also set the stage to comprehensively address long-term needs. Interim solutions are in support of the goal to shift FIU resources from “undifferentiated heavy lifting” to sustainable value-added work products consistent with core mandates.

FIU / BSL COLLABORATION and INTEROPERABILITY:

  • The FIU will continue to support the Bank of Sierra Leone (BSL) to strengthen and maximize their role as bank examiner with respect to AML/CFT. Wide-ranging collaboration has been achieved through the execution and operationalization of an MOU which is now being reviewed by lawyers from both institutions.
  • The planned re-execution of the MOU will appropriately address this goal.
  • Established procedures and scheduled have been developed and are being followed.

DNFBP SECTOR DEVELOPMENT:

  • Support the FIU with efforts designed to compel simultaneously, DNFBP governing agencies to recognize and assume their rightful AML/CFT supervisory responsibilities while at the same time bringing awareness to the DNFBP sectors through outreach and education.
  • DNFBP Pilot Group created and holding regular meetings. Consultative workshop to roll out guidelines and “Rollout” compliance template created.
  • Policy team has created a draft guidelines and template approved by all Supervisory bodies.

 

DIRECTOR FIU AND TEAM MEETING WITH US EMBASSY DEPUTY REGIONAL INVESTIGATION LAISON, Mr. WARREN CARMICHAEL ON WEDNESDAY 12TH AUGUST 2020 AT 10AM.

DIRECTOR FIU AND TEAM MEETING WITH US EMBASSY DEPUTY REGIONAL INVESTIGATION LAISON, Mr. WARREN CARMICHAEL ON WEDNESDAY 12TH AUGUST 2020 AT 10AM.