By Ragan M Conteh

Members of Parliament from both sides of the aisle have successfully passed into law the bill entitled, “The Anti-money Laundry of Combating of Financing of Terrorism and Financing the Profiliation of Weapons of Mass Destruction Act, 2023”.

The bill is an essential step towards the formulation and enactment of robust laws to combat illicit financial activities in Sierra Leone.

Making her submission during a pre- legislative conference earlier, 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 entitled: “The anti-money Laundering and Combating of Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction.”

According to Minister Alie, this conference marks an essential step towards the formulation and enactment of robust legislations to combat illicit financial

activities.

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

She maintained that money laundering poses a grave threat not only to Sierra lLeone’s economy but also to global security.

She revealed that money laundering allows criminals to hide their illicit proceeds, fund terrorism, and to perpetuate corruption. Therefore, she stated, it is imperative that they re-double their efforts to tackle this menace and protect the country’s financial system from its devastating consequences.

Minister Alie went further to say the Bill aims to strengthen the legal framework and enhance preventive measures against money laundering and terrorist financing.

“We must remain vigilant and

adaptable in our approach, considering the increasingly sophisticated and evolving

nature of financial crimes,” she said.

She stressed that this legislation will 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 international collaboration in the fight against money laundering, as it transcends boundaries and require 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 sector and society at large.

She said this necessitates raising awareness about the damaging effects of money laundering and the importance of reporting 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 contributions 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.