The Director General of the Financial Intelligence Unit (FIU), Edwin W. Harris, wants every lawyer and legal institution to file all Suspicious Transaction Reports (STRs) when they have reasonable belief that sources of proceed of clients are derived from the proceed of crimes to the FIU, in compliance with the Anti-money laundering and countering terrorist financing laws in Liberia.

“Buying and selling of real estate, managing money, organization of companies are amongst transactions, that lawyers need to file Suspicious transaction reports, in keeping with the Financial Action Taskforce (FATF) recommendation 22.”

Speaking at the Law Day program organized by the Liberia National Bar Association on Friday, May 7, 2021, Mr. Harris elaborated that adherence to the AML/ CFT laws is a global requirement for every actor to follow, with lawyers being of no exception.

He mentioned that though lawyers are self- regulating professionals and as such, they need to file regular financial reports / STRs about the sources of proceeds of their clients who have in their procession luxurious houses and vehicles that were controversially derived from crimes.

The FIU boss has renewed call for Lawyers to exercise due diligence before and after accepting contracts of would be their clients to enhance the effectiveness of the AML/CFT laws in Liberia.

Mr. Harris also disclosed that FIU is noted for imposing fines on violators who have refused and failed to regularly file suspicious financial reports, in keeping with the AML/CFT laws of Liberia.

The FIU DG said the National Risk Assessment Report has been finalized and it outlines risks in every sector in Liberia.

“The National Risk Assessment Report is a holistic approach that was used by FIU and other competent authorities in line with FAFT recommendation # 1 and it will be shortly released, as Liberia prepares for the second mutual evaluation next year,” he noted.

He added that members of the Liberia National Bar Association need to embrace new ideas in the implementation of the AML/ CFT laws and work in conformity with the laws regarding attorney and clients’ privilege in compliance with filing of STRs.