Liberia has successfully submitted its first follow-up report on its second-round Mutual Evaluation Report (MER), conducted by assessors from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) from September 5-16, 2023, in Monrovia, Liberia.
The 2nd Round Evaluation Report, adopted by the GIABA 39th Technical Commission and Plenary Meeting in May 2023, placed Liberia on an Enhanced Follow-Up process, requiring annual reports to the Plenary. This Mutual Evaluation Report (MER) focused on two interrelated components: Technical Compliance with the FATF 40 Recommendations and Effectiveness in achieving the eleven Immediate Outcomes.
Liberia’s first follow-up report highlights key actions taken to address the priority actions, recommended actions, and deficiencies identified in its MER. Significant actions include:
- Enactment of the Control Drug and Substance Act of 2023: This law regulates, restricts, controls, limits, or eradicates the illegal exportation, importation, use, abuse, and proliferation of narcotic substances within Liberia. It classifies drug/substance trafficking as a first-degree felony, punishable by a prison term of 10 to 20 years, consistent with sections 50.5 and 50.6 of the penal code. This offense is non-bailable.
- Publication of Beneficial Ownership (BO) Regulation: Liberia approved and published the BO regulation and launched the beneficial ownership registry for legal persons and arrangements in August 2023.
- Membership in the Egmont Group: Liberia’s request for membership in the Egmont Group of Financial Intelligence Units (FIUs) was approved by the Membership Support Compliance Working Group (MSCWG) in Malta in January 2024. This recommendation will be considered by the Heads of FIU (HoFIU) from June 3-7, 2024, in Paris, France.
Liberia’s delegation to the GIABA 41st Technical Commission and Plenary Meeting was led by Mr. Mohammed Nasser, Officer-In-Charge (OIC) of the Financial Intelligence Agency of Liberia (FIA) and GIABA National Correspondent. Other esteemed members of the Liberian delegation included:
- Cllr. Oswald Tweh, Minister of Justice and Chairperson of the National AML/CFT Inter-Ministerial Steering Committee (IMC),
- Atty. Kofi Woods, Security Adviser to the President, Republic of Liberia,
- Cllr. Alexandra K. Zoe, Executive Chairperson of the Liberia Anti-Corruption Commission,
- Mr. Abraham Kromah, Director General of the Liberia National Drug Enforcement Agency (LDEA) and Member of the IMC,
- Mr. Amos Y. Boakai, Deputy Director General, FIA,
- Mr. Fonsia M. Donzo, Director of Regulation and Supervision, Central Bank of Liberia (CBL),
- Mr. Bobby Quiwu Harris, Compliance Manager, FIA and
- Mrs. Murrella R. Bedell-Fahnbulleh, Assistant Director, AML/CFT Unit, CBL