The Financial Intelligence Unit of Liberia (FIUL), transitioning to the Financial Intelligence Agency (FIA) informs all stakeholders of the Anti-Money Laundering and Countering the Financing of Terrorists and Proliferation Financing (AML/CFT & PF) Regime of Liberia and the general public about the ongoing 2nd Round Mutual Evaluation/Peer Review of Liberia’s AML/CFT/PF Regime by Assessors from the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA) located in Dakar, Senegal. The country’s AML/CFT/PF regime is being assessed for compliance level with Financial Action Task Force (FATF) forty (40) standards and other international best practices.

Currently, a desk-based review of Liberia’s AML/CFT & PF laws, regulations and implementation thereof is ongoing by the GIABA Assessors. The desk-based review is followed by an onsite visit by the Assessors which is scheduled between the 5th – 16th, of September 2022 in Monrovia, Liberia. During the onsite visit, the GIABA Assessors are expected to meet with all relevant stakeholders together and/or separately to ascertain the compliance and effectiveness (implementations) of Liberia’s AML/CFT/PF laws viz-a-viz FATF standards.

The FIUL appreciates the strong Political Will demonstrated by the Government of Liberia under the Leadership of His Excellency, Dr. George M. Weah on the enactment of the Financial Intelligence Agency (FIA) Act 2021; The Anti-Money Laundering, Terrorists Financing, Preventive Measure, Proceed of Crimes Act 2021; the Whistle Blower Protection Act 2021; the Witness Protection Act 2021, the Liberia Anti-Corruption Commission (LACC) Act 2021, among others. These legislative enactments are milestone achievements for Liberia and comply with the technical criteria of FATF standards. The astute role played by the national AML/CFT Inter-Ministerial Committee under the Chairmanship of Minister of Justice & Attorney General/R.L Cllr. Frank Musah Dean, ensuring that these laws were enacted consistently with FATF and other international standards, is highly extolling and well noted.

On the other hand, on Friday, August 26, 2022, implementing its statutory mandate to ensure compliance with AML/CFT Obligations by reporting entities including the real estate sector, the FIUL had another engagement meeting with the Liberia Real Estate Union- a premium umbrella Union registered under the laws of Liberia to provide supervision, certification, and license- to all real estate agents and businesses in collaboration with the National Housing Authority of Liberia (NHA). The engagement meeting was held at the headquarters of the FIUL and attended by the entire leadership of the Union.

During the awareness engagement, the Real Estate Sector Representatives were reminded of the high risk of ML and some predicate crimes in the country and the high vulnerability/exposure of the Real Estate Sector to money laundering and terrorist financing as determined by the National Risk Assessment, as well the statutory requirements to comply with outlined AML/CFT obligations and the urgent need to take steps to mitigate the vulnerabilities/risks of the Sector. The president of the Union, Mr. Francis Lahai, and his team recognized the efforts of the FIUL in ensuring that all stakeholders of the AML/CFT regime are brought under effective AML/CFT supervision by developing AML/CFT policy, hiring compliance officers, and designing compliance program, reporting obligations, among others. He also stated that his Union has participated in FIUL’s AML/CFT engagement activities and will continue to comply with AML/CFT obligations. According to him, while his Union has had a good relationship with the National Housing Authority over the years, the lack of legal framework on licensing and prudential supervision of the sector, AML/CFT training of the leadership and realtors/agents are some of the deficiencies haunting the effectiveness of the Real Estate sector of Liberia. Mr. Lahai further indicated that based on prior engagements with the FIUL the Union continues to implement processes and procedures for onboarding/certificating its members. Currently, he said the Union has over one hundred and sixty (160) members. To become a member, a company must be registered with the Liberia Business Registry (LBR) and obtain a certificate of business registration to do business. Furthermore, a background check will be completed and cleared before certification.

The FIUL thanked the Real Estate Sector representatives for their continuous commitment to the fight against money laundering and terrorist financing in Liberia amidst the prevailing challenges. For sensitization and awareness on how to identify and mitigate ML/TF and predicate offense risks in the Real Estate Sector, a host of reading materials including GUIDANCE FOR A RISK-BASED APPROACH- REAL ESTATE SECTOR (FATF/OECD. July 2022) and FATF 40 Recommendations (2012) were presented to the representatives of the Real Estate Sector.