The Financial Intelligence Unit of Liberia (FIU), has embarked on a campaign aimed at undertaking a risk assessment of Money Laundering and Terrorist Financing (ML/TF) for all registered Non-profit Organizations (NPOs) operating in Liberia from this year December to January 15, 2022.
According to a press release issued, the objective of the Financial Action Taskforce (FATF) Recommendation 8 is to ensure that NPOs are not misused by terrorist organizations to pose as legitimate entities and to exploit legitimate entities as conduits for terrorist financing, coupled with escaping asset freezing measures.
The release further mentioned that the risk assessment is also intended to prevent the process of concealing or obscuring the clandestine diversion of funds intended for legitimate purposes, but can be diverted for terrorist purposes by NPOs.
“As reaffirmed in the United Nations Security Council Resolution 2462 (2019) that terrorism in all forms and manifestations constitutes one of the most serious threats to international peace, security and that any acts of terrorism are criminal and unjustifiable regardless of their motivations, whenever and whomsoever committed,” the FIU release noted.
The release continues: “resolution-2462, reminds all States of their obligation to ensure that any person who participates in the financing, planning, preparation or perpetration of terrorist acts or in supporting terrorist acts is brought to justice and with grave concern that terrorists and terrorist groups raise funds through a variety of means; which include, but are not limited to abuse of legitimate commercial enterprise, exploitation of natural resources, abuse of non-profit organizations, donations, crowdfunding and proceeds of criminal activity; including but not limited to: kidnapping for ransom, extortion, the illicit trade and trafficking in cultural property,” the release intoned.
The press release further accentuated that resolution 2462 underscores the central role of the United Nations, in particular its Security Council, in the fight against terrorism and stresses the essential role of the Financial Action Task Force (FATF) in setting global standards for preventing and combatting money laundering, terrorist financing and proliferation financing.
“All NPOs operating in Liberia are required to participate in the national ML/TF Risk Assessment by filling their respective survey questionnaires along with required documents to the FIU for compliance purpose in line with Global Network of FATF-style regional bodies (FSRBs) that supports FATF’s consolidated strategy on Combating Terrorist Financing.
The release continues: each organization is required to complete the form, sign, and submit softcopies (scan and send via email) to FIU email(glwilliams@fiuliberia.gov.lr) or hard copies including required additional documents to the FIU on or before 15th of January 2022.
Meanwhile, FIU is the central national agency responsible for the collection, analysis, and dissemination of information regarding money laundering, financing of terrorism, and proliferation financing.
According to the FIU Act of 2012, Chapter 67.3 and sections (a, f, j, l, m, & n); the FIU has the domestic legal reliance to inspect, supervise, monitor compliance, develop regulations, guidelines, circulars, among other responsibilities and conduct survey and engagements with NPOs/NGOs.