In the ongoing battle against money laundering, a recent assessment by the International Centre for Asset Recovery (ICAR) at the Basel Institute of Governance sheds light on the global risk landscape. Within the African continent, Sierra Leone finds itself in the 10h position among nations grappling with the challenges posed by illicit financial activities.
The Basel AML Index, drawing data from reputable sources such as the Financial Action Task Force (FATF), the World Bank, and the World Economic Forum, has identified over two-thirds of African countries as high-risk, with a comprehensive risk score of 6.54. Sierra Leone, with an overall score of 7.09, stands among the nations facing significant vulnerabilities in the realm of money laundering.
As wealth and development disparities persist, coupled with a lack of robust enforcement tools, the socioeconomic fabric of countries in Africa remains threatened.
The dynamics of globalization and rapid technological advancements further complicate the situation, with cybercrime, digital currencies, and internet platforms providing fertile ground for sophisticated criminals to exploit financial systems.
Sierra Leone’s positioning in the 10 rank underscores the urgent need for enhanced measures and international collaboration to curb the detrimental impact of money laundering on the nation’s economic stability and development.
See the ranking of the top 10 African countries with the highest risk of money laundering below:
Rank Country Overall score Global rank
1 Chad 8.14 2
2 Democratic Republic of the Congo 8.10 4
3 Republic of the Congo 7.91 5
4 Mozambique 7.88 6
5 Gabon 7.73 7
6 Guinea-Bissau 7.69 8
7 Madagascar 7.43 11
8 Algeria 7.22 12
9 Liberia 7.17 13
10 Sierra Leone 7.09 14
