Freetown, 21 November, 2024
The Government of Sierra Leone welcomed over 200 delegates from 16 West African countries to the 42nd Technical Commission and Plenary Session of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). The event, held at the New Brookfields Hotel in Freetown, focused on reviewing and adopting the 2nd Round of the Mutual Evaluation Report for the Democratic Republic of São Tomé and Príncipe.
Director General of the Financial Intelligence Agency (FIA) Sierra Leone, David Bobor, underscored the significance of hosting this event, emphasizing its role in enhancing regional collaboration in combating financial crimes.
“The 42nd Technical Commission and Plenary Session is more than a meeting; it is a call to action,” he stated. “It provides a platform for sharing knowledge, fostering innovation, and reinforcing partnerships to tackle money laundering, terrorism financing, and the proliferation of weapons of mass destruction.”
Mr. Bobor reaffirmed Sierra Leone’s commitment to ensuring a secure and transparent financial system both regionally and globally. Highlighting the enactment of the Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Finance Act 2024, he noted that Sierra Leone is now positioned to expand its capacity for intelligence sharing and collaboration across borders.
Addressing the risks posed by financial crimes, Mr. Bobor emphasized the urgency of decisive action. “Money laundering and terrorism financing undermine financial stability, enable corruption, and threaten governance. Their impacts extend beyond borders, destabilizing economies and eroding public trust,” he said. He called for robust anti-money laundering measures to safeguard financial systems and build resilience against emerging threats.
The Minister of Finance, Sheku Fantamadi Bangura, expressed optimism that the meeting would unify regional efforts to combat financial crimes. He acknowledged the challenges posed by technological advancements, which have facilitated the sophistication of organized crime.
“Our shared responsibility is to deprive criminals of using our financial systems to fund illicit activities,” the minister noted. He commended the enactment of Sierra Leone’s new Anti-Money Laundering Act, which strengthens the country’s legal framework against financial crimes.
Mr. Bangura reiterated the ministry’s commitment to supporting the FIA and enhancing Sierra Leone’s capacity to address complex financial crimes.
Edwin B. Harris, Director General of GIABA, expressed gratitude to President Julius Maada Bio, the government, and the people of Sierra Leone for their hospitality. Reflecting on Sierra Leone’s history with GIABA, he recalled the successful hosting of the 12th Plenary Session 15 years ago and expressed hope for another meeting in the near future.
As the 2nd round of mutual evaluations concludes with the adoption of the Democratic Republic of São Tomé and Príncipe’s evaluation report, Mr. Harris highlighted the need for continued dedication. “As we prepare for the 3rd round of evaluations, I urge member states to allocate resources to their Financial Intelligence Units and enhance domestic coordination among stakeholders,” he said.
He also revealed that GIABA has embarked on advocacy visits to member states, including Sierra Leone, Guinea, Togo, and Burkina Faso, to secure high-level political commitment for the upcoming evaluations in 2025.
The session marks a pivotal moment in strengthening the fight against financial crimes in West Africa. Delegates were urged to focus on practical solutions, share innovative ideas, and prioritize collaboration to achieve tangible outcomes.
The meeting, which will conclude on Saturday, November 23, 2024, is expected to serve as a testament to Sierra Leone’s dedication to fostering regional cooperation and building systems resilient to financial crimes.
