On the opening day of the GIABA 42nd Technical Commission/Plenary, Sierra Leone celebrated a major victory in its fight against money laundering, terrorist financing, and the financing of proliferation (AML/CFT/PF). The event, hosted in Freetown from November 17–23, 2024, has drawn experts, technical partners, and representatives from member states to address regional challenges and strategies in combating financial crimes.
One of the event’s highlights was Sierra Leone’s defense of its position on Virtual Asset Service Providers (VASPs) under FATF Recommendation 15 on New Technologies. Previously categorized as “High Risk” due to the lack of a legal framework, Sierra Leone presented transformative measures that have earned international recognition and support for reclassification to “Largely Compliant.”
Key advancements showcased by Sierra Leone included:
- Conducting a comprehensive sectoral risk assessment to identify vulnerabilities.
- Drafting legislation to establish a compliance regime for VASPs.
- Implementing a regulatory framework through the Bank of Sierra Leone to monitor and recognize VASPs.
- Strengthening enforcement through covert operations targeting unregulated VASP activities.
While no active VASPs were identified, Sierra Leone demonstrated its proactive approach to mitigating risks in this emerging sector. The compelling case was presented by the Head of the Financial Intelligence Agency (FIA), Mr. David Borbor, alongside other delegates, earning strong support from member states for the nation’s reclassification.
As Head of the Legal and Justice Support Department – SLP, Sierra Leone’s delegation highlighted the pivotal role of law enforcement in strengthening the country’s AML/CFT framework. Collaboration between the FIA, the Bank of Sierra Leone, and other institutions has ensured robust compliance mechanisms and aligned investigations and prosecutions with international standards.
This achievement reflects Sierra Leone’s unwavering commitment to combating financial crimes and safeguarding the region. “This milestone underscores the power of collaboration and the collective resolve of the region in creating a secure and resilient West Africa,” said Mr. Borbor.
Sierra Leone’s strides in addressing financial crime vulnerabilities mark a new chapter in its journey toward building a safer and more secure financial system. Congratulations to Sierra Leone for this significant achievement!
#AML
#CFT
#VASPs
#FATFCompliance
#GIABA
#SierraLeoneSuccess
