Regulatory Alerts2012-01-01
The Anti-Money Laundering and Combating of Finance of Terrorism Act 2012
Enacted by the President and Parliament of Sierra Leone, this legislation criminalizes money laundering and terrorism financing while establishing a Financial Intelligence Unit to oversee national compliance. The Act mandates reporting entities to implement risk-based customer due diligence, verify beneficial ownership, and promptly report suspicious transactions to competent authorities. It further empowers law enforcement and supervisory bodies to freeze and forfeit illicit assets, impose pecuniary penalties for non-compliance, and coordinate cross-border mutual assistance.
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