By Amin Kef (Ranger)
In a world where money laundering and terrorist financing continue to fuel criminal networks and extremist agendas, Sierra Leone is making significant strides to combat these threats. Under the stewardship of Director General Mr. David Bobor, the Financial Intelligence Agency (FIA) has become a central force in the nation’s fight against financial crimes. With targeted actions and strategic partnerships, the FIA is enhancing Sierra Leone’s defenses against these global challenges.
Money laundering and terrorist financing, while distinct crimes, often exploit similar weaknesses within financial systems. These vulnerabilities allow criminal actors to disguise the origins of illicit money and covertly support illegal operations. Over time, Sierra Leone’s financial systems have been exploited to launder proceeds from various unlawful activities, with some funds allegedly fueling the operations of terrorist and criminal groups. Recognizing the risks, Sierra Leone joined the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), an ECOWAS institution established in 2000 to combat these financial threats across West Africa.
GIABA’s role is to strengthen the capacity of its member states, which include all 15 West African countries, to counter money laundering and terrorist financing. Sierra Leone has since assigned the FIA to implement GIABA’s mandate domestically, with a focus on tightening regulations, improving transparency, and ensuring effective oversight.
Director General Bobor’s leadership has seen the FIA forge alliances with the Ministry of Justice, the Sierra Leone Police (SLP), and international organizations. This cooperation has led to the development of robust policies that promote transparency and accountability within Sierra Leone’s financial sector. Under his guidance, awareness around money laundering and terrorist financing risks has increased, and preventative measures have been bolstered.
A recent risk assessment led by the FIA identified vulnerabilities within the banking and precious minerals sectors as significant sources of concern. In response, Director General Bobor has initiated collaborations with the National Minerals Agency (NMA) to enhance regulatory measures within the mining sector, reducing opportunities for criminal exploitation. This proactive stance aims to protect Sierra Leone’s resources and prevent them from becoming channels for illicit financial flows.
The FIA has also taken direct action against fraudulent schemes, notably freezing the accounts of two companies, My Residual Income Global Scheme and Super Advertis, implicated in scamming individuals. Working with the judiciary, the FIA facilitated a court-approved liquidation process to compensate victims of the My Residual Income Global Scheme, demonstrating a commitment to consumer protection and justice.
Director General Bobor’s initiatives underscore the FIA’s dedication to securing Sierra Leone’s financial environment. His relentless focus on monitoring and improving financial institution practices is part of a broader effort to protect citizens from exploitation and to maintain the integrity of the nation’s economic systems. Through his leadership, the FIA continues to strengthen Sierra Leone’s position in the global fight against money laundering and terrorist financing, ensuring a safer future for all citizens.
In a related development, the Government of Sierra Leone has reaffirmed its commitment to clamping down on money laundering and financial crimes. In a recent Press Briefing held on November 12, 2024, at the Ministry of Energy conference room, Deputy Minister of Justice, Alpha Sesay, emphasized a series of ongoing initiatives aimed at bolstering financial crime investigation and enforcement across the nation.
Addressing the Press, Deputy Minister, Alpha Sesay, outlined the collaborative framework between the Office of the Attorney General, Ministry of Justice and the Financial Intelligence Agency (FIA). These partnerships are geared towards implementing a fortified regulatory system to investigate and curb financial crimes. He noted that the Ministry of Justice is also working closely with the Sierra Leone Police (SLP) to ensure that law enforcement has the tools needed to effectively enforce anti-money laundering policies.
“Money laundering is a unique and complex offense,” stated Deputy Minister Alpha Sesay. “It requires a specialized, multi-disciplinary approach to ensure thorough investigation and successful prosecution.” He highlighted the role of the Ministry in providing essential legal guidance and determining which cases proceed to court. Ongoing reforms within the SLP, he added, are focused on enhancing its capability to respond to both domestic and transnational financial crimes.
Adding to the discussion, Assistant Commissioner of Police (ACP) Joan Bull Kamara, who heads the Legal and Justice Support Department within the SLP, stressed law enforcement’s dedication to building investigative capacity in areas such as financial crime, human trafficking and terrorism financing. ACP Joan Bull Kamara revealed that senior police personnel have recently received advanced training to better equip them in handling complex financial cases.
“In the coming weeks, all senior crime officers will undergo additional training to refine their investigative techniques,” ACP Joan Bull Kamara announced, underscoring the importance of skill development in preventing financial crimes. She also detailed proactive measures, including public awareness campaigns that aim to deter potential offenders and educate the public on the risks and consequences of financial crime.
These measures highlight the Government’s dedication to creating a robust accountability system that strengthens Sierra Leone’s resilience against financial malfeasance. With the initiatives now underway, Sierra Leone is positioned to effectively combat financial crimes, safeguarding both its economic integrity and the stability of its financial systems.
