The Financial Intelligence Unit of Liberia (FIU), has issued an authoritative policy statement, expressing full preparedness to take a giant step for the full implementation of the Amendment and Restatement Public Financial Management (PFM) Act of 2009 that has been approved in 2019 to help strengthen Liberia’s financial system from waste and abuse by would-be unscrupulous institutions and individuals who are allegedly interested to benefit at the detriment of the country’s reputation.
Speaking on Tuesday, February 8, 2022, when he received seven hard copies of the PFM Act of 2009 from the Reform Coordination Unit (RCU) at the Ministry of Finance and Development Planning, Edwin W. Harris, FIU’ Director-General, elaborated that the recent workable and timely reforms of Liberia’s Public Financial Management system by the Ministry of Finance and Development Planning and involvement of other stakeholders has meaningfully helped to improve this country’s governance rating locally and internationally.
According to him, FIU as an integrity entity is in readiness to robustly enforce the PFM Act of 2009 in the perimeter of preventing and fighting money laundering, terrorist financing, and other illicit financial acts that are serious threats to the survival of Liberia’s financial system that is continuously undergoing international best practice reforms.
He also gave assurance that the Amendment and Restatement of the Public Financial Management Act of 2009 will be placed in FIU’s library and on the entity’s website for reference and sensitization purposes.
Also speaking when he delivered seven copies of the PFM Act of 2009, Dr. Plingloh Emmanuel Munyeneh, Coordinator of the Reform Coordination Unit (RCU), expressed optimism that the Amendment and Restatement of the Public Financial Management Act of 2009 has the propensity to serve as a guide to monitor the flow of public finances and also a useful instrument for the private sector in Liberia that is considered as the engine of growth.
According to the RCU Coordinator, the PFM Act of 2009 also has the ability to enhance internal control, public assets, and debts management in line with global best practices.
He added by raining commendation on the FIU for it strives to enforce the Anti-Money Laundering and Countering Terrorist Financing (AML/CFT) regulations in the confines of the law, as Liberia prepares for her second round of mutual evaluation this year by the Inter-governmental Group Against Money Laundering in West Africa (GIABA).