Youths in Freetown have consented to join the fight against money laundering and terrorist financing after a one-day open house forum held at the Miatta Conference Center in Freetown, organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
Speaking at the ceremony yesterday, the Deputy Minister of Youth, Feremusu Konteh said money laundering is a complex crime and is not easy to detect and contain, referring to it as “a menace that is fuelling corruption and it is causing serious consequences on the political, social and economic developments of nations.”
She said the Government of Sierra Leone recognizes the pivotal role GIABA plays in safeguarding the economies and financial systems of ECOWAS member states from the laundering of proceeds with criminal origins.
She added that Government has enacted an anti money laundering Act with a view to countering terrorism financing and aiding.
“We have also recently promulgated the new Anti Money Laundering and Combating Terrorist Financing Act 2012 bringing it in line with international best practice and have also instituted the Financial Intelligence Unit,” Madam Konteh disclosed.
The Deputy Minister of Youth submitted that the fight against economic and financial crimes is a herculean task requiring concerted, coordinated, corporative and collaborative efforts by all stakeholders with distinct but complimentary role.
She encouraged stakeholders in the region to embark on robust communication and advocacy programmes in the region so as to combat money laundering and financial terrorism.
Director of Financial Intelligence Unit of the Bank of Sierra Leone Ahmed Kamara spoke about the role of youths in the fight against money laundering and financial terrorism and some of the efforts the bank is making with other West African States.
Director of public education and outreach at the Anti Corruption Commission (ACC) Koloney Sankoh said youths are among the major perpetrators of corrupt practices and spoke about efforts by the commission to combating anti money laundering. She encouraged youths to make a personal decision to resist, reject and refrain from corrupt practices.
Dr. Buno Nduka, Director of Programmes and Projects who was the lead facilitator of the open house forum spoke about the different types and methods of money laundering and financial terrorism.
By Saidu Bah & Abibatu Kamara
July 26, 2013
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