Anti-Money Laundering and Combating of Financing of Terrorism Act, 2011
Sierra Leone's combined framework law against money laundering and terrorist financing, imposing preventive duties on reporting entities and providing for a Financial Intelligence Unit.
Summary
The Anti-Money Laundering and Combating of Financing of Terrorism Act, 2011 provides the combined legal framework for tackling both money laundering and the financing of terrorism in Sierra Leone. It criminalises these activities and sets out the preventive obligations of banks, financial institutions and designated non-financial businesses and professions.
The Act requires reporting entities to carry out customer due diligence, keep records and report suspicious and prescribed transactions, and it provides for a Financial Intelligence Unit to receive and analyse those reports. It also allows for the freezing, seizure and confiscation of criminal and terrorist property.
It provides for supervision, enforcement and international cooperation, and aligns Sierra Leone's regime with international anti-financial-crime standards.
Main provisions
- Criminalises money laundering and the financing of terrorism.
- Imposes customer due diligence, record-keeping and reporting duties on reporting entities.
- Requires reporting of suspicious and prescribed transactions.
- Provides for a Financial Intelligence Unit to receive and analyse reports.
- Allows the freezing, seizure and confiscation of tainted property.
- Provides for supervision, enforcement and international cooperation.