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The Office of National Security (ONS) successfully coordinated the development and signing of a Standard Operating Procedure (SOP), aimed at enhancing the oversight and regulation of financial services and related businesses in Sierra Leone,
SOP, which focuses on harmonizing the registration, licensing, and oversight of financial services companies and related businesses, was signed by key entities including the Bank of Sierra Leone (BSL), the National Investment Board (NIB), and the Financial Intelligence Agency (FIA).
The significant signing ceremony was held on November 5th, 2024, at ONS’s conference hall located on OAU Drive, Tower Hill, Freetown. The event was graced by members of the National Security Council Coordinating Group (NSCCG), a strategic security body tasked with making policy recommendations to the National Security Council Coordinating Group (NSCCG), a strategic security body tasked with making policy recommendations to the National Security Council, chaired by the President of Sierra Leone.
Leading the charge, the National Security Coordinator and head of ONS, Abdulai Caulker, counter-signed the document as a witness, reaffirming the security sector’s commitment to supporting Ministries, Departments, and Agencies (MDAs) in addressing critical security, governance, and service delivery challenges faced by various institutions.
The overarching objective of the SOP is to establish a comprehensive framework for the registration and oversight of companies and financial services through the creation of a one-stop center. The Business Regulation Coordination Committee (BRCC), to be overseen by NIB, will play a pivotal role in coordinating these efforts.
The decision to develop the SOP was necessitated by identified gaps within the signatory institutions, including weak inter-agency collaboration and coordination in the registration of business entities. These vulnerabilities were exploited by fraudsters to perpetrate fraudulent activities, posing significant risks to the public.
During his remarks at the signing ceremony, Mr. Caulker lauded the development of the SOP as a significant milestone for Sierra Leone. He commended the Technical Working Team (TWT) and the leadership of NIB, BSL, and FIA for their unwavering commitment and support throughout the process. Mr. Caulker urged the Implementing MDAs to strictly adhere to the guidelines outlined in the SOP to ensure its effective implementation.
In a notable move, the NSCCG had earlier established a Strategic Situation Group (SSG) Technical Working Team (TWT) in mid-May, 2024, tasked with developing the SOP to streamline the operations of financial services and related businesses across the country. Following extensive consultations and deliberations, the document was finalized and officially signed by the relevant stakeholders.
The implementation of the SOP promises a plethora of benefits, including enhanced consistency in the business registration process, adherence to national and
international regulations, improved efficiency and time management, bolstered business risk management practices, increased stakeholder confidence, support for economic development, and heightened transparency and accountability.
The signing of the SOP represents a significant step towards fortifying the regulatory framework governing financial services and related businesses in Sierra Leone. With a strong emphasis on collaboration and adherence to best practices, the SOP is poised to elevate standards and safeguard the interests of both businesses and the general public.
