National Risk Assessment Report
…Financial Intelligence Unit
By Mohamed Konneh
The Financial Intelligence Unit (FIU) in collaboration with AML/CFT stakeholders and with support from the Inter-Governmental Action Group Against Money laundering in West Africa (GIABA) and the World Bank on Monday 28th August 2023 held a validation workshop on the 2nd National Money Laundering Financing of Terrorism and Proliferation Risk Assessment report in Sierra Leone.
The workshop held at the Bank Complex, Kingtom in Freetown, brought together financial institutions, the Security Sector and the Diplomatic Corps, to look at this important document.
In her keynote address, Ms. Jeneba Bangura, Deputy Minister 1, Ministry of Finance, said money laundering is a growing threat to the economy and undermines the rule of law.
She said the SDG goal calls on States to reduce financial illicit flows and fighting money laundering helps in this direction.
The Deputy Minister noted that the money laundering undermines foreign direct investment and help expand the activities of financial crimes.
This she said is not good for the country, adding that Sierra Leone as a country should regularly review her rules and regulations.
“This report provides us vulnerability thereby drawing our attention to where we need to take action. This will help us tighten our grip and identify gaps in combating money laundering and terrorist financing. It is now time to identifies our gaps and enhance our capacity that will foster international corporation in fighting money laundering and terrorist financing,” she said.
Ms. Bangura noted that the fight against money laundering and terrorist financing should not be done in singly, noting that all must come onboard in this direction.
She commended the team of experts who collected data that is put into the report while thanking GIABA for supporting Sierra Leone and also the World Bank in providing resources for this work.
“The report provides us the tools in combating money laundering and terrorist financing,” she added.
Speaking earlier, the Chairman of the occasion, Dr. Ekundayo Walter Gilpin, Managing Director of Rokel Commercial Bank, applauded the FIU on the strides made in fighting financial crimes and terrorist financing.
He said fighting money laundering is a concerted effort and that it is not a fight for FIU alone or the bank of Sierra Leone.
In his welcome address, the Director of FIU Mr. David Borbor said the aim of the report is to scale up the fight against money laundering in the country while thanking the World Bank and other sister FIUs in Ghana and Nigeria for their support.
He said the national risk assessment is a unique document in fighting financial crimes and terrorist financing.
Mr. Borbor noted that FIU is appreciative of complying institutions in the fight noting that money laundering undermines the country’s image.
“FIU remain determined and dedicated in this fight because money laundering undermines the integrity of the economy, and can also destroy the country financial system. Sierra Leone is committed to this fight and continues to work on the legal regime in this direction,” he said.
The Country Director of the World Bank in his statement said the bank is appreciative of the work of the FIU and that they will continue to work with the unit in this direction.
The GIABA representative in his statement said they are happy to be part of the workshop and that the assessment is good but should not just be an assessment.
“We are partners and we will continue to support this fight. Let me remind all of us that the fight against money laundering is not just a fight for the FIU but each and every one,” he said.
