NEWS HEADLINE: Deputy Finance Minister Opens Stakeholder Engagement on National AML/CFT Database

Deputy Finance Minister II Isata Marah opened three-day stakeholder engagement Sierra Leone proposed consolidated Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) database Wednesday, calling stronger national coordination combating illicit financial flows.

Financial Intelligence Agency (FIA) organised forum partnership Inter-Governmental Action Group against Money Laundering West Africa (GIABA), held Radisson Blu Hotel under theme "From Fragmented Information to Coordinated Intelligence."

Highlighting global issue scale, Marah noted Africa loses estimated US$88.6 billion annually illicit financial flows. She stressed money laundering severely undermines socio-economic development diverting critical public resources away schools, healthcare facilities, essential infrastructure.

While acknowledging Sierra Leonean institutions already possess vital financial records, Marah pointed out data remains isolated disconnected silos. Centralized national database establishment, she explained, will enable relevant authorities detecting emerging risks earlier and responding greater speed agility.

Maintaining integrity trust, Marah outlined core safeguards proposed system, including lawful access protocols, security-by-design principles, robust audit trails, strict data quality controls, full respect fundamental rights. However, she cautioned technology alone cannot guarantee compliance without effective governance, skilled personnel, sustainable financing.

Positioning initiative both national security economic priority, Deputy Minister emphasised financial integrity crucial domestic revenue mobilization, investor confidence, broader macroeconomic stability.

Concluding call action, Marah urged participants forging concrete commitments agreeing shared vision, clear governance framework, unified technical standards, comprehensive data protection measures, capacity-building programmes, sustainable financing strategy, robust monitoring framework.

Formally declaring forum open, she commended FIA GIABA convening engagement, challenging participating institutions transforming raw information actionable intelligence and intelligence coordinated action security prosperity Sierra Leone.