Two of Liberia’s main development partners, the United States of America and the European Union along with the Intergovernmental Action Group Against Money laundering (GIABA), have provided caution to Liberia to uphold professional standards in the fight against money laundering and terrorist financing.
In separate remarks during the start of a two-day National Risk Assessment (NRA) Report Final Validation Workshop in Monrovia on Thursday, April 29, 2021, the Political and Economic Counselor at the United States of America Embassy near Monrovia, Joel A. Kopp proposed that concrete steps need to be applied by Liberia to robustly combat money laundering and counter terrorist financing.
According to him, every effort should be exerted by competent authorities to protect Liberia’s Financial system from unwholesome practices. He mentioned that risks prevention when properly address and collectively tackled by the Financial Intelligence Unit of Liberia and other actors could greatly help Liberia to move forward and get global attention.
Also speaking, the Head of Political and Economic Governance Counsellor Cooperation, from the office of EU, Jyrki Torni stressed the need for every actor in Liberia’s anti money laundering and countering the financing of terrorism (AML/CFT) regime need to exhibit the spirit of collaboration to win the battle against illegal financial acts and the reduction of corruption.
According to him, fighting money laundering and countering terrorist financing need to be implemented in Liberia by the Financial Intelligence Unit of Liberia and other stakeholders without fear or favor because, it is a global responsibility to fight financial and other crimes.
He emphasized robustness by Liberia FIU and other competent authorities to brainstorm about risks, as Liberia prepares for the second round of mutual evaluation in 2022.
For his part, Abdulai Lassana Darboe, an executive of GIABA expressed optimism that tangible measures when applied by Liberia before and after the mutual evaluation could attract huge foreign direct investments in the country.
According to him, investors and other financial actors look at a country global rating about the measures put in place and the effective implementation of the laws in the fight against money laundering, terrorist financing, and other crimes before they implement huge investments.
He urged all competent authorities in Liberia to work together, identify and assess risks in Liberia’s AML/CFT regime to enable the country get positive rating after the mutual evaluation early next year.
Mr. Darboe also encouraged Liberia FIU and other actors to be more innovative and proactive to improve money laundering standards in Liberia.
“The Ministry of Finance and Development Planning needs to exercise flexibility regarding timely and adequate financial support to the FIU during the 10 months period leading to the mutual evaluation,” he emphasized. Action plans that will be adapted during the national risk assessment validation are major activities that need commitment and collaboration from the Government of Liberia.”
Meanwhile, the Director General of the Financial Intelligence Unit, Edwin W. Harris, explained that the two days technical workshop highlighted issues about insurance sector, banking sector, AML/CFT threat analysis, securities sector, national AML/CFT vulnerabilities, and financial institutions that fall under the AML/CFT.
“Other issues such as financial inclusion product risk, terrorist financing risk, and final publication of the National Risk Assessment Report were looked at and discussed,” he noted.
However, ministries of Justice, Finance Development Planning, Central Bank of Liberia, General Auditing Commission, World Bank, African Development Bank, United States Embassy, European Union, Liberia Bankers Association, amongst others participated in the technical workshop.