The Financial Intelligence Unit of Liberia (FIU) presented copies of the National Risk Assessment Report (NRA) to the Liberia Bankers Association on Friday, November 19, 2021, at the International Bank -Liberia headquarters in Sinkor, Monrovia.
Presenting the report during an interactive forum, FIU Director-General, Edwin W. Harris, elaborated that the NRA report highlights threats and vulnerabilities in major sectors that will be greatly tackled based on the developed National Anti- Money Laundering and Countering Terrorist Financing (AML/CFT) Policy and Action Plan prepared by FIU and other relevant stakeholders.
According to him, those challenges will be hugely addressed by FIU and all stakeholders, if compliance becomes a national drive for everybody to prioritize in the confines of the law.
He mentioned that FIU is interested to follow the rule of law and as such, there will be no unnecessary compromise regarding the filing of Suspicious Transaction Report (STRs) by banks, insurance companies, and others to enhance Liberia’s image that needs gradual improvement.
“The World Bank, United States of America Treasury and other actors played a key technical role regarding the formulation of the report, which will serve as a tool for banks, insurance entities, gaming, and others to implement without fear or favor,” he accentuated.
The FIU DG further urged all banks and other actors in the public and private sectors to comprehensively read the NRA Report and brainstorm how to find solutions to some of the challenges outlined in the widely distributed report.
“I strongly hold the view that the proposal for regular meetings suggested by the Bankers Association with the FIU and executives of various banks could help reduce the sending of regular circulars and some issues that can be easily addressed without writing formal communications, Mr. Harris intoned.
Also speaking during the presentation meeting, the Head of Secretariat, Doreen O. Mcintosh, welcomed the presentation of the NRA report by FIU which looks at challenges in various sectors.
According to her, the Liberia Bankers Association is proposing a regular interactive forum with the FIU to find workable solutions to some of the constraints that are hindering the effective submission of STRs and general processes to fulfill compliance obligations.
She mentioned that the association supports full compliance, but calls for intensive training of compliance officers of various banks by the Financial Intelligence Unit (FIU).