The tenth follow-up report of Sierra Leone was submitted to the Secretariat on 27 February 2014, for presentation at the May 2014 Plenary. This paper contains descriptions and analysis of actions taken by Sierra Leone between November 2013 and February 2014, as indicated in the tenth follow up report submitted by the country.
The Seventh Mutual Evaluation Follow-Up report presented by Sierra Leone at the 18th plenary session of GIABA in December 2012, ignited concerns among the International Community on the lack of progress in the AML/CFT regime since the previous report. The Plenary therefore recommended among other things a visit to Sierra Leone by a Special Mission to raise the concerns of the International Community with the authorities in Sierra Leone. As recommended, a special GIABA Mission visited Sierra Leone from 21st -23rd January 2013 and held several discussions with various stakeholders.
With the enactment of the AML/CFT Act, 2012, which to a large extent addresses the deficiencies in the AML/CFT regime, Sierra Leone made a case at the 17th Plenary for GIABA to rescind its decision regarding the public statement issued on the country’s non-compliance with key recommendations. Whilst the new Act strengthened the legal framework for the fight against money laundering and terrorist financing, a lot more needs to be accomplished in order to ensure that Sierra Leone comply in considerable measure with the FATF recommendations.
The Fifth mutual evaluation report presented at the 16th Technical Commission/Plenary meeting of GIABA was analysed and it was adjudged by the plenary that the country had not taken satisfactory steps to deal with the identified deficiencies with respect to the effective implementation of the Financial Action Task Force (FATF) 40+9 Recommendations.
The Anti-Money Laundering Act 2005 has been revised to take into account the weaknesses highlighted in the Financial Sector Assessment Programme (FSAP) report. The key strengths of the draft AML/CFT Bill include, among other things, the criminalization of money laundering and terrorism financing, extension of the powers for freezing order from 72 hours to ten (10) working days, strengthening the powers and functions of the Financial Intelligence Unit (FIU), provision of proportionate and dissuasive sanctions for discuss the draft AML/CFT Bill
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
The eleventh follow-up report of Sierra Leone describes actions taken by the country to rectify the remaining deficiencies in its AML/CFT regime since the submission of its tenth follow-up report to the Secretariat in May 2014.
The following actions were taken by Sierra Leone: