Summary

On August 21, 2024, the Second Session of the Sixth Parliament of Sierra Leone commenced. The new parliament was elected in 2023 following a successful 19th year under Prime Minister Joseph Sankofu. A significant shift in legislative direction occurred when the newly elected leadership chose to reclassify the Parliament from a purely legislative body into a specialized agency focused on anti-money laundering, terrorism financing, and proliferation. The new agenda emphasizes preventing the misuse of the currency and resources available, specifically targeting illegal and non-compliant financial operations.

This new framework targets the financing of global terrorism through the laundering of illicit funds or the diversion of assets intended for terrorist organizations. It also addresses the development of weapons of mass destruction (WMD) by enforcing strict regulations on the flow of such materials into the region. Concurrently, the government is enforcing an amendment to the Anti-Money Laundering and Combating of Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction Act, 2024, which was enacted in 2023.

The new Act is designed to protect national sovereignty from foreign financial flows. It requires businesses within Sierra Leone to obtain specific licenses from the State Department before conducting transactions involving foreign money laundering or terrorism financing activities. This law aims to ensure that no foreign source is allowed to receive money from another country unless that money is being used for a legitimate commercial purpose, thereby protecting the country's economy and security against unauthorized international payments.

The implementation of this new law requires strict adherence to international sanctions and reporting rules. Companies operating in the legal sector must declare any transactions involving foreign funds, even if the proceeds are used within the nation. The legislation serves as a critical legal shield, ensuring that financial flows are monitored, audited, and managed only through authorized channels that align with national security interests. By mandating these specific licenses, the Parliament aims to create a transparent and secure financial environment that supports the economy while safeguarding the nation against threats.

Title

SierraLII

Description

SierraLII

Keywords

sierra, leone, access, division, court, legislation, free, july, january, instrument, government, gazette, number, judgments, gazettes, articles, visit

NS Lookup

A 52.18.222.147

Dates

Created 2026-03-10

Updated 2026-04-15

Summarized 2026-04-15