A high-power delegation comprising officials of the Financial Intelligence Units (FIU) from Nigeria and Congo as well as the FIU Forum of West Africa has predicted that Liberia stands a better chance to get opportunities, if the country joins Egmont Group that puts all its members on a global stage for information sharing that can help trigger investments.
It said several countries in West Africa and other parts of the world have realized foreign direct investments because they are members of Egmont Group.
The delegation from Nigerian, Congo and the FIU Forum are mentoring Liberia to get membership with Egmont Group, an international information exchange platform or group that has a membership of over 160 countries.
As of head of the delegation, Mohammad Jiya expressed optimism and said windows of opportunities are expected to open for Liberia, if the country gets membership or admitted in the Egmont Group.
Speaking at the end of the weeklong visit to Liberia, he explained that credible investors have confidence in countries that are members of Egmont Group because, those nations’ financial systems are properly regulated and protected.
Jiva said Liberia’s financial system will be respected and its economy could grow with foreign direct investments, if the country gets admitted into Egmont Group.
An official of the Nigerian FIU said, the Liberian authorities need to make maximum use of this golden opportunity that has the propensity to give Liberia a positive image and help to protect the country’s economy from waste and abuse.
Justice Minister Frank Musa Dean who is currently chairing the Inter-ministerial Steering Committee on Anti-Money Laundering and Countering the Financing of Terrorists, gave assurance that the Liberian government is prepared to support the country’s admittance into Egmont Group.
He said Liberia has taken concrete steps to fight money laundering and other predicated crimes, like drug and human trafficking, tax invasion, smuggling of goods and precious stones(gold and diamond), among other crimes.
Dean promised to engage President George Manneh Weah, Judiciary and Legislature about all actors’ collective support to help Liberia join Egmont Group of Financial Intelligence Units (FIUs).
The Officer-In-Charge, Emmanuel T. Gee, is appealing to the Legislature to fast track the passage of two key acts/ legislations such as, Market Manipulation and Human Trafficking Acts because those two laws are criteria that will help Liberia to obtain membership with Egmont Group of FIUs.
According to the Acting Director of the Financial Intelligence Agency (FIA), an increased budgetary support from the Liberian government and donor partners has the ability to meaningfully help Liberia’s FIA to robustly implement it detailed programs, fight money laundering and other illicit financial practices.
He said Nigeria has agreed to procure a modern software for Liberia that is one of the key requirements that Egmont Group needs for any country that is a candidate for admittance.
“We appreciate our government’s continuous financial support, but increment this time cannot be overemphasized because, FIA’s admittance could bring foreign direct investments to Liberia because credible investors will have confidence in our financial system,” he pointed out.
