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The Office of National Security (ONS) has spearheaded the signing of a new Standard Operating Procedure (SOP) aimed at streamlining the registration, licensing, and oversight of financial services, companies, and related businesses in Sierra Leone.
The Bank of Sierra Leone (BSL), the National Investment Board (NIB), and the Financial Intelligence Agency (FIA) formally endorsed the document on November 5 at a ceremony held in ONS’s conference hall at OAU Drive, Tower Hill, Freetown.
This critical step, witnessed by the National Security Council Coordinating Group (NSCCG), is expected to strengthen inter-agency coordination and prevent fraudulent schemes that have exploited regulatory gaps. As a security assurance, the SOP was countersigned by Abdulai Caulker, National Security Coordinator and ONS head, who underscored the security sector’s dedication to supporting government agencies in addressing governance and security-related challenges.
The SOP, which mandates the establishment of a centralized Business Regulation Coordination Committee (BRCC) under NIB’s oversight, is intended to consolidate business registration processes into a “one-stop center.” This approach addresses previously identified weaknesses within the signatory institutions—BSL, NIB, and FIA—which have historically struggled with fragmented coordination and have inadvertently allowed fraudsters to exploit regulatory loopholes.
ONS initiated the SOP development after mid-May 2024 when the NSCCG formed a Strategic Situation Group (SSG) Technical Working Team (TWT) to improve oversight and ensure compliance within the financial sector. Following extensive consultations, the finalized SOP was signed into action, marking what Mr. Caulker described as a “milestone achievement” in enhancing regulatory coherence.
The SOP’s anticipated benefits include a streamlined registration process, increased efficiency, strengthened risk management, and greater transparency. Furthermore, it aims to bolster both domestic and international confidence in Sierra Leone’s business environment, fostering economic development.
The signatories are now tasked with ensuring the SOP’s principles are followed diligently, enhancing accountability and consistency across Sierra Leone’s financial and business landscape.
