Sierra Leone Country Summary
Medium Risk
View full Ratings TableSanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Higher Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Sierra Leone is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
It should be noted that the new style FATF Mutual Evaluation has not yet been undertaken.
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Sierra Leone was undertaken by the Financial Action Task Force (FATF) in 2007. According to that Evaluation, Sierra Leone was deemed Compliant for 2 and Largely Compliant for 1 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for all 6 of the Core Recommendations.
Sanctions
There are currently no international sanctions in force against Sierra Leone.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 34 |
| World Bank: Control of Corruption Percentile Rank | 31 |
Sierra Leone grapples with significant challenges related to corruption and crime, particularly within government procurement and regulatory enforcement, despite the establishment of the Anti-Corruption Commission and various legislative frameworks aimed at combating these issues. The country faces persistent problems such as human trafficking, illegal logging, and drug trafficking, compounded by weak law enforcement and judicial systems, which are hindered by inadequate resources and political interference, ultimately affecting public trust and the effectiveness of anti-corruption measures.
Economy
Sierra Leone, a West African nation with a population of approximately 9.3 million, presents a mixed economic landscape characterized by significant investment potential, particularly in sectors such as mining, agriculture, and infrastructure. The country is endowed with abundant natural resources, including diamonds, gold, and various minerals, alongside a favorable climate for agriculture and fisheries, which collectively offer numerous opportunities for foreign direct investment (FDI). However, challenges such as governance issues, limited infrastructure, and a fragile legal framework continue to hinder economic growth, necessitating ongoing reforms to improve the investment climate and bolster macroeconomic stability.
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