Sierra Leonean businessmen have vowed to ensure that the Financial Intelligence Unit (FIU), the institution responsible for working with the Sierra Leone Police to clamp down on illegal financial crimes, digs further into the circulation of fake dollars in the country. This vow resulted from a recent tipoff acted upon by said officers and SLP personnel that netted an undisclosed amount of fake United States dollars in the Goderich area, Western Peninsula, the police are presently investigating. As a result of the shocking revelation from the police, the FIU administration called an emergency meeting with businessmen dealing with foreign currencies on the streets (Black Market) and civil society activists.
Executive Director of the Financial Crimes Unit David Bobor encouraged and advised businessmen to do due diligence when transacting in US dollars, and to assist the FIU and the SLP by reporting any suspicious move by anyone aimed at circulating fake dollars in the market “Government cannot do it alone and because your livelihood depends on the trade, we need to work together to protect the country’s financial system,” he appealed Bobor furthered that the police can only dig more into the matter through credible information that will bring more financial fraudsters to book, noting that such acts against would be criminals are also responsible for the hike in the dollar rate – which determines the country’s economic growth, including that of the common man who depends on everyday hustle for survival.
“Dollar Boy” Idrissa Kamara said his livelihood depends on changing dollars to put bread and butter on the table. He told Awoko he was disappointed when he saw the news on the apprehension of such large amounts of foreign currency believed to be fakes by the police. He added that since he fell victim some time ago, he is always careful with whom he transacts business, recalling the amount of money he lost in the fake transaction. “Government has our support. But please encourage the local banks to also be vigilant, as fraudsters might want to use the banks for money laundering purposes, a fight that governments around the world are faced with,” Kamara warned.
Speaking on the issue, NAYCOM Commissioner Ngolo Katta commended the strides made by the SLP and the FIU meeting with young people dealing in foreign currencies, citing that while government cannot provide jobs for all, through skills development and capital investment young people would be exposed to becoming better entrepreneurs. He added that people with little or no vision embark on acts that not only derail the image of the country, but also have the potential to drive away prospective investors. “Funds spent to train young people will not yield dividend.”
Civil society activist Edward Koroma called on the “Dollar Boys” to be proactive, maintaining that although some of them operate their businesses in ways that are not good for the country, they still have a role to play in supporting the FIU and the SLP to ensure that sanity in doing financial business is fully restored. “When you regularise and do clean business more business people will come to invest and you will make more money. But if an investor suspects polluted water in the business, they will go someplace else more conducive,” Koroma noted.
By Ade Campbell