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FIA Strengthens Ties with Compliance Officers, Banks’ CEOs For Robust Action to Tackle Abuse and Misuse of Liberia’s Financial System

To augment credibility, the Financial Intelligence Agency of Liberia (FIA) has professionally strengthened its ties with the Compliance Officers Forum of Liberia and Chief Executive Officers (CEOs) of banks presently operating in the country to help tackle abuse and misuse of Liberia’s financial system.
Addressing members of the Compliance Officers Forum of Liberia on Tuesday, June 18, 2024, FIA’s Officer-In-Charge, Mohammed A. Nasser, accentuated that FIA is well-prepared to exercise its statutory power to take lawful and preventive measures against enablers and launderers who are illegally using the country’s financial system as a hub for money laundering and other illicit financial activities for their aggrandizement.
According to him, the Financial Intelligence Agency of Liberia seriously frowns at illicit financial activities allegedly linking individuals and entities that have created a negative reputation for Liberia’s financial system locally and internationally.
He disclosed that FIA under his administrative watch is technically ready to enforce stringent Anti-Money Laundering and Countering the Financing of Terrorists and Proliferation Financing (AML/CFT/P) laws, regulations, and sanction powers against would-be supporters of illicit financial activities that are transacting so detrimental to the credibility of the country’s reputation.
Mr. Nasser stressed that 67.3 of the FIA Act shall be exercised appropriately to have regulatory control over reporting entities that work collectively with the FIA to minimize and prevent illicit financial activities that are disadvantageous against Liberia’s financial system.
Also speaking during the interactive meeting with the Compliance Officers Forum, Mr. Bobbi Q. Harris, FIA’s Compliance Manager, urged reporting entities to continuously conduct risk-based assessments on existing, expected products and services offered in the banking, insurance, gaming, and fintech, among other AML/CFT sectors to help safeguard the country’s financial integrity.
According to the FIA Compliance Manager, reporting institutions in all AML/CFT sectors need to cultivate the professional practice of documenting all identified risks and brainstorm on mitigating measures to minimize and prevent any possible illicit financial threat.
He reminded reporting entities to adhere to global AML/CFT standards by frequently conducting due diligence for all entities and individuals using the banking, insurance, gaming, and other AML/CFT sectors for transactional purposes.
Mr. Harris stressed that 67.3 outlines lawful powers that the FIA has and as such, the Financial Intelligence Agency of Liberia is in a comfortable capacity to inspect all reporting entities’ facilities to ensure that they are operating in adherence with the Anti-Money Laundering, Countering the Financing of terrorists and proliferation financing laws and regulations in Liberia.