A high-power delegation of the Financial Intelligence Agency of Liberia (FIA) recently visited the Nigeria- Financial Intelligence Unit (NFIU) on a study tour, with the aim at bolstering cooperation and learning from the NFIU’s established AML/CFT practices to enhance regional collaboration in West Africa against financial crimes that are severely detrimental to the global financial system.
The FIA delegation headed by Hon. Amos Y. Boakai, Deputy Director General of the Agency, engaged various departments within the NFIU to help strengthen international cooperation and information sharing between the two AML/CFT regulatory institutions, which is in line with Recommendation-2 that emphasizes collaboration for combating illicit financial activities.
FIA’s delegation observed NFIU authorities’ displaying their AML/CFT presentations, and, they participated in meaningful discussions intended to augment the Agency’s staff technical skills, as they discharged their assigned duties in tackling money laundering and other illicit financial activities in Liberia and elsewhere.
Critical observations, insights, and recommendations has been gathered during the recent visit to the NFIU- to aid in strengthening FIA’s technological advancement and strategic initiatives that can be emulated by the Agency to enhance its Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT & PF) regulatory compliance and enforcement effort.
Deliberating about the recent study visit to Nigeria, FIA Deputy Director General, Amos Y. Boakai, elaborated that the recent study tour began with a forum organized by the Nigeria-Financial Intelligence Unit (NFIU) that had in attendance- stakeholders whose desire is to create a collaborative framework for tackling Money Laundering and Terrorist Financing (ML/TF).
According to Hon. Boakai, the NFIU CEO, Madam Hafsat Bakari, has emphasized the importance of feedback and engagement, which need to be timely, credible and actionable, including efforts to improve technology.
He mentioned that Nigeria- Financial Intelligence Unit has made a commitment to assist the Financial Intelligence Agency of Liberia for the actualization of peer-to-peer mentoring and the augmenting of FIA-Liberia’ staff analysis capability to help accurately fast track cases of different natures.