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GIABA Holds Training on Liberia’s Mutual Evaluation On Country’s AML/CFT regime

The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), a FATF Styled Regional Body will hold a five-day workshop in Monrovia beginning August 2, 2021.

GIABA is a FATF Styled Regional Body.

According to the Financial Intelligence Unit of Liberia, the Pre- Assessment Workshop on the second round of Mutual Evaluation of Liberia’s Anti Money Laundering and Counter Terrorist Financing (AML/CFT) regime by GIABA, will bring together sixty-five participants as stakeholders within Liberia’s AML/CFT regime.

The Director General of GIABA Justice Kimelabalou Aba and Liberia’s Minister of Finance and Development Planning Samuel D. Tweah, will address the opening session.

While in the country, Justice Kimelabalou Aba will also carry out a special advocacy mission to the Political Leadership of Liberia in keeping with FATF’ revised policy and standard, which calls for FATF Regional Styled Body to make an advocacy mission to the would-be accessed country on the importance of the Mutual Evaluation and admonishing the Authority.

The advocacy mission is intended to provide adequate national resources – both human and financial, for Mutual Evaluation beyond the FIU resources.

The Pre-Assessment Workshop is the first step into Liberia’s second round of mutual evaluation that culminates with onsite visitation in February 2022.

The First Round of Mutual Evaluation of Liberia was conducted by GIABA in 2010 with Liberia getting a poor rating and placed on a regular follow up reporting process.

The result from the 2010 Mutual Evaluation saw the establishment of the FIU in 2012 and approved in 2013 and also the enactment of several legislations creating the legal and structural framework to fight money laundering, terrorist financing, the proliferation of weapons of mass destruction and other transnational crimes in Liberia.

Meanwhile, this second round of Mutual Evaluation on Liberia will focus on Liberia’s technical compliance to FATF Forty (40) plus Recommendations and the effectiveness of the Law (Effective Compliance), and how well the laws are used in preventing money laundering and terrorist financing.