Sierra Leone Mutual Evaluation Report 2007

Sierra Leone is a member of the GIABA. This evaluation was conducted by the World Bank and was then discussed and adopted by the Plenary of the GIABA as a 1st mutual evaluation on 12th June 2007

An assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Sierra Leone was conducted based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and prepared using the AML/CFT Methodology 2004. The assessment considered the laws, regulations and other materials supplied by the authorities, and information obtained by the assessment team during its mission from May 29-June 13, 2006. During the mission, the assessment team met with officials and representatives of all relevant government agencies and the private sector. A list of the agencies met is set out in Annex 1 to the detailed assessment report.

The assessment was conducted by a team of assessors comprising World Bank staff and a consultant. The assessment team was led by Stuart Yikona, Financial Sector Specialist, with other members being Mark Butler, Financial Sector Specialist, and Richard Gordon, Consultant. The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines, practices and other measures and systems in place to deter money laundering (ML) and the financing of terrorism (FT). In terms of institutions, the team covered both the financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs). The team also assessed the capacity, the implementation and the effectiveness of all measures and systems relating to AML and CFT in Sierra Leone.

This Report provides a detailed assessment of the AML/CFT measures in place in Sierra Leone as at the date of the mission or immediately thereafter – i.e. before July 21, 2006. It describes, analyses and makes an assessment of the measures and systems in place, and provides recommendations on how certain aspects of the system could be strengthened (see Table 3). It also sets out Sierra Leone’s levels of compliance with the FATF 40+9 Recommendations (see Table 2). The Report was produced by the World Bank as part of the Financial Sector Assessment Program (FSAP) of Sierra Leone. It was also presented to the GIABA and endorsed by this organization at its plenary meeting of June 12, 2007