Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019
An Act amending Sierra Leone's AML/CFT legislation to strengthen and update the regime against money laundering and terrorist financing.
Summary
The Anti-Money Laundering and Combating of Financing of Terrorism (Amendment) Act, 2019 amends the principal AML/CFT Act. Such amendments typically bring the national regime into closer alignment with evolving international standards, including the recommendations of the Financial Action Task Force and its regional body.
As an amending statute, it alters particular provisions of the principal Act — for example by refining definitions, adjusting the duties of reporting entities, strengthening supervisory or enforcement powers, or updating penalties. It must be read together with the principal AML/CFT legislation.
Main provisions
- Amends specified provisions of the principal Anti-Money Laundering and Combating of Financing of Terrorism Act.
- Updates the AML/CFT regime in line with evolving international standards.
- May refine definitions, obligations of reporting entities, and supervisory or enforcement powers.
- Takes effect as part of, and is read together with, the principal Act it amends.