BY THE ORDER OF THE PRESIDENT, THE GOVERNMENT OF LIBERIA ANNOUNCES THAT THE FINANCIAL INTELLIGENCE UNIT OF LIBERIA (FIU), PURSANT TO THE FIU ACT OF 2012, SECTIONS: 67.3, 67.4 AND 67.5; HEREBY ISSUES AND PUBLISH THE BELOW REGULATIONS HEREIN UNDER:
- REGULATION NO. FIU/OR3A-PEP/10/2019, TITLE: ENHANCED DUE DILIGENCE IN THE PROVISION OF FINANCIAL SERVICES FOR POLITICALLY EXPOSED PERSONS (PEPs Regulation)
- REGULATION NO. FIU/OR4A-TFS/10/2019, TITLE: TARGETED FINANCIAL SANCTIONS AGAINST TERRORISTS (TFS Regulation)
REGULATION NO. FIU/OR3A-PEP/10/2019, TITLE: ENHANCED DUE DILIGENCE IN THE PROVISION OF FINANCIAL SERVICES FOR POLITICALLY EXPOSED PERSONS (PEPs) – The Purpose of this regulation is to implement Liberia laws and its international obligations pertaining to Anti-Money Laundering and Countering the Financial of Terrorism (AML/CFT), specially as it relates to establishing standards and procedures for identifying, verifying and applying enhanced due diligence in the provision of financial services by financial institutions (FIs) and designated non- financial business and professions (DNFBPs) to PEPs. FIs and DNFBPs should take all reasonable steps to ensure that they do not knowingly or unwittingly assist in hiding or moving the proceeds of corruption by politically exposed persons (whether as a customer or beneficial owner), their families, and their close associates. Because the risks presented by the PEPs will vary by customer, product/service used/offered, country, and industry, identifying, monitoring, and designing controls for these accounts and transactions should be risk-based.
REGULATION NO. FIU/OR4A-TFS/10/2019, TITLE: TARGETED FINANCIAL SANCTIONS AGAINST TERRORISTS (TFS Regulation) – This regulation seeks to implement the “Targeted Financial Sanctions against Terrorist Act”. This regulation is issued pursuant to Section 14 of the Targeted Financial Sanctions against Terrorists Acts. This Regulation requires all competent
authorities and financial institutions and designated financial businesses and professions (reporting entities) to implement them in line with the “Targeted Financial Sanctions against Terrorists Act”; as well as, relevant provisions in the Proposed “Financial Intelligence Agency Act”, the Liberia Antiterrorism Act” and other applicable laws.