By Mohamed Kamara
Freetown, Sierra Leone – The Financial Intelligence Agency (FIA) has implemented stricter measures to combat money laundering and terrorist financing, according to its Director General, Dauda D. Borbor. Speaking at a press briefing organized by the Ministry of Information and Civic Education on Tuesday, November 12, 2024, Borbor outlined new protocols aimed at safeguarding the country’s financial systems.
Borbor revealed that cash transactions exceeding NLe 30,000 are now subject to scrutiny by the FIA. Banks and private financial operators are required to report all such transactions, allowing the FIA to conduct thorough investigations. He emphasized that the agency does not arrest individuals but ensures that suspicious cases are referred to law enforcement for appropriate action.
The FIA is also targeting large cash movements into Sierra Leone. Individuals traveling with amounts exceeding NLe 250,000 (approximately USD 250,000) will face immediate investigation to ensure the funds are not linked to terrorist financing. This applies to both nationals and foreigners arriving from regions identified as prone to terrorism. The agency is committed to tracing recipients of such funds and conducting background checks to rule out illicit activities.
As part of its broader strategy, the FIA will host the 29th Ministerial Committee meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) at the New Brookfields Hotel from November 17 to 23, 2024. The meeting will bring together representatives from 15 member states and invited nations, including Sao Tome and Principe.
The agenda includes critical discussions on combating money laundering and terrorist financing, as well as the review of mutual evaluation reports for several countries, including Sierra Leone and Senegal. The meeting will also feature updates from key groups such as the Evaluation and Compliance Group (ECG) and the Risks, Trends, and Monitoring Group (TRMG).
Borbor stressed the importance of collaboration among regional and international partners in addressing financial crimes. The upcoming GIABA meeting provides a platform for exchanging best practices and reinforcing frameworks for anti-money laundering and counter-terrorism financing efforts.
“This event demonstrates Sierra Leone’s commitment to fostering regional cooperation in fighting financial crimes,” Borbor said. “We anticipate meaningful discussions that will strengthen our collective ability to combat these threats.”
The FIA’s proactive measures and the hosting of the GIABA meeting underscore Sierra Leone’s dedication to ensuring financial integrity and enhancing security across West Africa.
