Anti-Money Laundering Act, 2005
An earlier Act establishing Sierra Leone's anti-money-laundering regime, later built upon and replaced by the combined AML/CFT legislation.
Summary
The Anti-Money Laundering Act, 2005 provided Sierra Leone's first dedicated statutory framework against money laundering. It criminalised the laundering of the proceeds of crime and imposed preventive obligations on banks and financial institutions.
The Act required reporting institutions to know their customers, keep records and report suspicious transactions, and it provided for the identification, freezing and confiscation of laundered property. It laid the groundwork for a reporting and analysis function within the financial system.
It was subsequently superseded by the Anti-Money Laundering and Combating of Financing of Terrorism legislation (2011/2012), which added terrorist-financing measures and strengthened the Financial Intelligence Unit.
Main provisions
- Criminalises money laundering and the handling of the proceeds of crime.
- Imposes customer identification, record-keeping and reporting duties on financial institutions.
- Requires the reporting of suspicious transactions.
- Provides for the freezing and confiscation of laundered property.
- Superseded by the later combined AML/CFT Acts.