Section 41, Terrorism Act, 2012

(1) Where a reporting entity or any of its directors,principals, officers, or employees has reasonable grounds to suspect that any transaction, attempted transaction, or any other information or fact may be related to the commission of an unlawful activity, a money laundering offence or an offence of financing of terrorism, or to an act preparatory to an unlawful activity, a money laundering offence or an offence of financing of terrorism, the reporting entity shall, as soon as practicable after forming that suspicion or receiving the information, but no later than two days, report the transaction or attempted transaction or the information to the Unit. (2) Notwithstanding subsection (1), legal practitioners, notaries and accountants are required to submit reports to the Unit Compliance with obligations by foreign subsidiaries and branches of Sierra Leone financial institutions. Over-thecounter exchange dealings. Casinos and gambling establishments. Prohibition of shell banks. Reporting entity to report transactions or information that may assist law enforcement. 48 49 only when they engage, on behalf of or for a client, in a financial transaction associated with an activity specified in relation to the professionals including– (a) when acting in the function as legal practitioners; (b) when, on behalf of a client, they engage in a financial transaction in relation to the following kinds of transactions:- (i) purchase or sale of real estate; (ii) managing of client money, securities or other assets; (iii) organization of contributions for the creation, operation or management of companies; (iv) creation, operation or management of legal persons or arrangements, and buying and selling of business entities; (v) the relevant information upon which the suspicion is based was not received or obtained from a client in the course of ascertaining the legal position of their client, or in defending or representing that client in, or concerning judicial, administrative, arbitration or mediation proceedings, including advice on instituting or avoiding proceedings, whether the information is received or obtained before, during or after the proceedings. (3) A reporting entity that has made a report to the Unit shall give the Unit or competent authority that is carrying out an investigation arising from or relating to the information contained in the report, any further information that it has about the transaction or attempted transaction or the parties to the transactions if requested to do so by the Unit. (4) If the Unit, after consulting a reporting entity required to make a report under subsection (1), has reasonable grounds to suspect that– (a) a transaction or a proposed transaction may involve an offence of financing of terrorism, the proceeds of an unlawful activity or a money laundering offence; (b) and if there is a serious risk that the money trail will be interrupted if the transaction is being carried out, it may direct the reporting entity in writing or by telephone to be followed up in writing, not to proceed with the carrying out of that transaction or proposed transaction or any other transaction in respect of the funds affected by that transaction or proposed transaction for a period determined by the Unit, which may not be more than ten working days, in order to allow the Unit- (i) to make necessary inquiries concerning the transaction; and (ii) if the Unit thinks it appropriate, to inform and advise the competent authority. (5) A reporting entity shall provide currency transaction report in accordance with thresholds and modalities determined by the Unit 50 51