The Financial Intelligence Agency (FIA) is mandated to oversee commercial banks in Sierra Leone, monitoring every transaction and sanctioning accounts involved in criminal or fraudulent activities. Under its authority, the FIA can freeze accounts connected to illicit transactions, a critical function aimed at curbing financial crimes in the country.
However, since the appointment of the current Director General, there has been a notable absence of public reports detailing the amount of money recovered from these sanctioned accounts. Accountability is a cornerstone of the FIA’s role, and transparency in funds recovered from sanctioned accounts is essential. Without such disclosures, public trust in the FIA’s effectiveness is compromised.
In recent years, there has been an alarming increase in fraudulent transactions, money laundering, and fake online investments, which have cost Sierra Leone billions of Leones. If the FIA is not actively sanctioning accounts involved in these activities or providing regular updates on its enforcement efforts, questions arise about its commitment to its mandate.
Sierra Leone deserves a Financial Intelligence Agency that not only protects the financial system from abuse but also demonstrates accountability to the people. The FIA must be transparent about its operations and publicize its achievements in recovering illicit funds to ensure that it remains a trusted guardian against financial crime in the country.
