By Mohamed Barrie
The West African Institute for Financial and Economic Management, WAIFEM, on Monday opened a high-level regional course on combating illicit finance and strengthening Anti-Money Laundering and Counter Financing of Terrorism, AML/CFT, strategies at the Sierra Palms Resort in Freetown.
The training brought together financial experts, policymakers, regulators, law enforcement officials, and stakeholders from across the West African sub-region to discuss effective measures against financial crimes, enhance regional cooperation, and improve compliance with international AML/CFT standards.
Discussions focused on emerging threats linked to money laundering, terrorism financing, cyber-enabled financial crimes, and illicit financial flows, which continue to undermine economic growth and regional security. Participants examined practical steps to strengthen institutional frameworks, improve intelligence sharing, and build the capacity of financial institutions to detect and prevent suspicious transactions.
Speakers emphasized that collaborative regional action is critical. Stronger AML/CFT systems, they noted, are essential for safeguarding financial stability, promoting transparency, and protecting economies from criminal exploitation. The course also highlighted the need for continuous policy reforms and technological innovation to address increasingly sophisticated financial crimes.
Delivering remarks on behalf of Bank of Sierra Leone Governor Dr. Ibrahim Stevens, Chief Economist Dr. Morlai Bangura underscored the urgent need for stronger regional collaboration against illicit financial flows.
“Money laundering and terrorism financing continue to pose significant threats to economic stability, national security, and sustainable development within the region,” Dr. Bangura said. “As financial crimes become increasingly sophisticated through digital platforms and cross-border networks, financial institutions and regulators must adopt innovative and coordinated approaches.”
He stressed the importance of strengthening AML/CFT frameworks through effective supervision, intelligence sharing, and capacity building for financial institutions and law enforcement. He called on stakeholders to remain proactive in ensuring compliance with international standards to protect the integrity of the financial sector.
Dr. Bangura reaffirmed the Bank of Sierra Leone’s commitment to initiatives that enhance financial transparency, accountability, and regional cooperation. He described the WAIFEM course as timely, given the complex financial and security threats countries now face.
In her welcoming statement, Dr. Patricia Adamu, speaking on behalf of WAIFEM Director General Dr. Baba Yusuf Musa, welcomed participants to the course.
She described the training as a critical platform for enhancing regional cooperation and strengthening institutional capacity against money laundering, terrorism financing, cyber-related financial crimes, and illicit financial flows.
“The rapidly changing global financial landscape requires countries in the sub-region to adopt proactive, coordinated, and technology-driven approaches to combat financial crimes effectively,” Dr. Adamu said.
She noted that illicit finance continues to undermine economic development, weaken governance systems, and threaten regional stability. She called on policymakers, regulators, financial institutions, and law enforcement agencies to deepen collaboration, improve information sharing, and strengthen compliance mechanisms in line with international AML/CFT standards.
Dr. Adamu reaffirmed WAIFEM’s commitment to supporting member states through capacity building, professional training, policy dialogue, and research aimed at promoting sound financial and economic management across West Africa. She encouraged participants to use the knowledge gained to strengthen their institutions in the collective fight against financial crimes.
