The Compliance Officers Forum of Liberia in collaboration with the Financial Intelligence Unit of Liberia and the Central Bank of Liberia organized a comprehensive awareness and training program regarding Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) for over 60 compliance officers of all banks, non-bank financial institutions, and some Designated Non-Financial Businesses and Professions (DNFBPs) in Liberia.
On August 31, 2022, an Anti-Money Laundering and Countering the Financing of Terrorism awareness and training program objectives were intended to increase AML/CFT awareness and strengthen the capacity of compliance officers, as they implement AML/CFT obligations and compliance programs in Liberia.
The awareness/training focused on topics such as; the roles of compliance officers and reporting entities in the AML/CFT regime, filing obligations, due diligence, AML/CFT risk assessments, and risk-based supervision, among others. The awareness/training was sponsored by the Liberia Banker’s Association (LBA).
In his welcome remarks, the Officer-In-Charge of the FIUL, Mr. Emmanuel T. Gee, cautioned the participants to perform their compliance functions diligently and also to take a thorough review of the National Risk Assessment (NRA) report, and clearly know and understand the overall and sectoral risks and mitigating activities that correspond with the identified risks.
At the close of the awareness/training, the participants were given training materials, including a paper titled Set of Indicators for Corruption Related Cases: From the FIUs’ Perspective by Egmont Group of FIUs. In addressing corruption as a prevalent crime as indicated by the NRA report of Liberia, facilitators referenced the compliance officers to the Egmont Group set of indicators for corruption-related cases from the FIUs’ perspective.

An AML/CFT awareness/training on capacity development reduces Money Laundering and Financing Terrorists (ML/FT) risks; thus, aligning with the implementation of the National AML/CFT Strategy and Action Plan developed from the findings and recommendations of the Country’s National Risk Assessment (NRA) carried out in 2019, as well as the AML/CFT risk profile of Liberia.