By Ragan M Conteh

Members of the Legislative Committee in Parliament on Monday 4th March 2024 discussed the bill entitled “The Anti-money Laundry of Combating of Financing of Terrorism and Financing the Plorification of Weapons of Mass Destruction Act, 2023”.

The meeting took place at the Committee room one in Parliament building in Freetown. The bill is an essential step towards the formulation and enactment of robust legislation to combat illicit financial activities in Sierra Leone.

Making her submission on the pre legislative conference, the Deputy Minister of Finance one, Madam Kadiatu Alie, on behalf of the substantive minister expressed delight to address MPs at the pre-legislative conference on the bill.

Minister Alie said the conference marked an essential step towards the formulation and enactment of robust legislation to combat illicit financial

activities.

She said as the Minister of Finance it is her duty to ensure the integrity and stability of the financial system.

She maintained that money laundering poses a grave threat not only to the economy but also to the global security.

She revealed that money laundering allows criminals to hide their illicit proceeds, fund terrorism, and

perpetuate corruption.

She stated that it is imperative that they redouble their efforts to tackle the menace and protect the country’s financial system from its devastating consequences.

Minister Alie went on to say that the Bill aims to strengthen the legal framework and enhance preventive measures against money laundering and financing of terrorism.

“We must remain vigilant and

adaptable in our approach, considering the increasingly sophisticated and evolving nature of financial crimes,” she said.

She stressed that the legislation would empower the nation law enforcement agencies including the Financial Intelligence Unit, financial institutions, and regulators to effectively combat such illicit activities.

“We are committed to the spirit of international collaboration in the fight against money laundering as it transcends boundaries and the fight requires collective action. Our government is actively

engaged in sharing knowledge, expertise, and best practices with global partners to ensure the effectiveness of our anti-money laundering regime. By doing so, we can limit the ability of criminals to exploit our financial system and cripple their networks,” she asserted.

However, the deputy minister informed that legislation alone is not sufficient and that they must foster a culture of compliance and integrity within their financial sectors and society at large.

She said it necessitates the raising of awareness on the damaging effects of money laundering and the importance of reporting the suspicious activities.

“We must encourage our citizens, businesses, and institutions to actively participate in the fight against financial crimes. By working together, we can create an environment hostile to money-laundering and ensure that our financial system remains secure and trustworthy,” she stressed.

In conclusion, minister Alie thanked all stakeholders present for their dedication and contribution to the crafting of the Anti-Money Laundering Act.

“Your expertise and insights have been invaluable throughout this process. I am confident that together we

can thwart the activities of money launderers, protect our financial system, and safeguard the future prosperity of our nation,” she said.

In his statement the Director of Financial Intelligence Unit cited the need to have legislative system that will fix the loopholes and try to combat illicit financial activities in the country.