Sierra_Leone Sierra Leone

New Documents

Sierra Leone’s Anti-Corruption Commission Announces MoU to Combat Private Sector Corruption

The Anti-Corruption Commission of Sierra Leone and the Campaign for Human Rights and Development International signed a memorandum of understanding that establishes a framework to facilitate cooperation and collaboration on combating private sector corruption.

February 8, 2019

Sierra Leone’s Anti-Corruption Commission Attends Working Group Meeting on Asset Recovery

The Anti-Corruption Commission of Sierra Leone participated in the Ninth Open-Ended Independent Inter-governmental Working Group Meeting on Asset Recovery in Vienna from Sept. 3 to Sept. 4, 2015.

September 7, 2015

GIABA Discusses Effect of Ebola Virus on AML Efforts in West African Nations

May 23, 2015

Nigeria’s FIU Agrees to Cooperate with Sierra Leone on AML/CTF Issues

May 15, 2014

Interpol Official Discusses Terrorism, International Crime During Sierra Leone Meeting

February 13, 2014

News

0 Items Found

Enforcement Actions

0 Items Found

Key Documents

Sierra Leone Enacts AML/CFT Act 2012

February 9, 2012

Sierra Leone Enacts Anti-Corruption Act 2008

May 1, 2008

Important Facts

  • The U.S. State Department identifies Sierra Leone as a jurisdiction of concern. Sierra Leone is not a regional financial center, but lax oversight of financial institutions, weak regulations, a large seaport, pervasive corruption and porous borders make it conducive to money laundering. Sierra Leone has become an attractive trans-sea shipment point for illegal drugs or other forms of illegal commerce. Smuggling of pharmaceuticals, foodstuffs, gold, and diamonds occurs across porous land borders. To date, however, there is little evidence that drug smuggling is a significant source of laundered money. Money laundering most often occurs in the small-scale artisanal diamond mining industry by domestic groups and individuals rather than by transnational cartels. Most financial transactions, money exchanges and remittances are informal and vulnerable to money laundering. There is no indication that money laundering activity in Sierra Leone is tied to terrorist financing. Due to a shift of focus and resources towards ending the Ebola outbreak in 2015, the country’s anti-money laundering and counterterrorist financing controls remain underdeveloped and underfunded.
  • KYC Covered Entities: Banks; financial leasing firms; money and currency exchanges; credit card, traveler’s check, and other financial instrument dealers; investment companies; insurance, merchant, and investment banks; and securities and commodities dealers
  • STR Covered Entities: Banks; financial leasing firms; money and currency exchanges; credit card, traveler’s check, and other financial instrument dealers; investment companies; insurance, merchant, and investment banks; and securities and commodities dealers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (January 2015 - October 2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 16 Substantial : 0
Partially Compliant : 18 Moderate : 1
Non-Compliant : 2 Low : 10

BASEL i

Rank : 7/141
Score : 7.51/10

TRANSPARENCY INTERNATIONAL i

Rank : 119/180
Score : 33/100

Tax Justice Network i

Rank : N/A
Score : N/A