By: Thaimu Bai Sesay
In a decisive move aimed at bolstering national security and financial integrity, the Parliament of Sierra Leone has passed into law the “Anti-Money Laundering and Combating of Financing of Terrorism and Financing The Proliferation of Weapons of Mass Destruction Act, 2024.” The legislation, enacted with amendments on Tuesday, April 16, 2024, signifies a pivotal step towards curbing illicit financial activities and reinforcing the country’s defense against terrorism and weapons proliferation threats.
A key provision of the newly enacted law is the establishment of the Financial Intelligence Agency, transforming the existing Financial Intelligence Unit into an autonomous and independent body. The agency is designated as the national central authority responsible for receiving, analyzing, and disseminating financial information critical to detecting and preventing money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
The legislative process leading to the enactment of the bill was characterized by rigorous consultations and thorough scrutiny. Prior to its passage, the bill underwent comprehensive debate and examination, culminating in the presentation of a detailed report by the Legislative Committee, chaired by Hon. Abdul Sulaiman Marray-Conteh. The committee’s report, reflecting the consensus of its membership, elucidated on various aspects of the legislation, including amendments to parts, clauses, administrative structures, definitions, penalties, fines, and other pertinent contents.
During deliberations, Deputy Minister of Finance One, Kadiatu Allie, played a pivotal role in guiding the bill through the legislative process, advocating for its significance in advancing the nation’s financial security agenda.
The enactment of the “Anti-Money Laundering and Counterterrorism Legislation” underscores Sierra Leone’s commitment to combating financial crimes and safeguarding against emerging security threats. By institutionalizing measures to prevent money laundering, terrorist financing, and weapons proliferation, the legislation reaffirms the government’s resolve to foster a secure and resilient financial system conducive to sustainable development and national prosperity.
