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FIU Director General Edwin W. Harris Leads Liberia Delegation to Sierra Leone, Ahead of Liberia’s 2nd Mutual Evaluation

The Financial Intelligence Unit of Liberia in preparation for Liberia’s second round of Mutual Evaluation by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) is paying a week-long working visit to Freetown, Sierra Leone. 

This visit to Freetown, Sierra Leone is on the basis of sharing experiences and learning lessons from the Sierra Leonean FIU and other competent authorities in that country who just completed their second round of mutual evaluation with a moderate rating for the country.

The last Mutual Evaluation of Liberia was conducted in 2010 with a poor rating that placed Liberia on an Expedited Reporting Process which resulted into the act of legislations for the establishment of the FIU in 2012 and several legal frameworks for preventing money laundering and combating terrorist financing in Liberia.

The week-long visit will provide insight for the stakeholders in Liberia Anti-Money Laundering and Combating Terrorist Financing regime. 

In the same vein, the Financial Intelligence Unit of Liberia and its Sierra Leonean counterpart will explore opportunities in fighting trade-based money laundering, the movement of cash along the border with Liberia and Sierra Leone, sharing intelligence and expertise in the fight against money laundering and terrorist financing. 

The working visit to Sierra Leone is made up of Representatives from the Liberia Revenue Authority, Liberia Anti-Corruption Commission and the Liberia National Police. 

The FIU also announces that the National Risk Assessment Draft report will be validated on the 29th-30th of April 2021 during a validation workshop jointly with GIABA and the FIU. 

The validated and subsequent Published National Risk Assessment will be a key tool in the second round of mutual evaluation of Liberia.

The validation will bring key stakeholders in the Liberia AML regime, partners and the GIABA Secretariat together for the final stage before the publication on the 30th of April 2021. 

An action plan mitigating the identified risks will be presented to stakeholders and partners for implementation. 

Meanwhile, the FIU and stakeholders work visit is funded by the African Development Bank through the Project Management Unit \IPFRP at the Ministry of Finance and Development Planning.