By Bill W. Cooper
Authorities of the Financial Intelligence Unit (FIU) of Liberia have announced the ongoing 2nd Round Mutual Evaluation/Peer Review of Liberia’s Anti-Money Laundering and Countering the Financing of Terrorists and Proliferation Financing (AML/CFT &PF) Regime in the Country.
The process, according to the FIU, now transitioning to the Financial Intelligence Agency (FIA), Acting Officer in Charge, Emmanuel Togar Gee is being done by the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA) located in Darkar, Senegal.
Additionally, he said the country’s AML/CFT/PF regime is being assessed for compliance level with Financial Action Force (FATF) standards and other international best practice.
Liberia as a country is a member state of GIABA; an institution of ECOWAS and a FATF styled regional body working with member states to ensure compliance with international AML/CFT/PF standards.
While the Mutual Evaluation (ME) is a peer review process during which assessed country is required to demonstrate technical compliance and effectiveness with FATF and other International AML/CFT/PF standards.
Addressing a news conference Monday, August 22, 2022, at his FIU office in Congo Town, Mr. Gee among other things pointed out that the technical compliance component assesses whether the necessary laws, regulations or other required measures are in force and effect, as well as whether the supporting AML/CFT/P institutional framework is in place.
According to him, currently, a desk-based review of Liberia’s AML/CFT & PF laws and regulations is ongoing by GIABA Assessors, noting that the desk-based review is followed by onsite visit by GIABA Assessors which is scheduled for September 15-16, 2022, in Monrovia, Liberia.
He added that during the onsite visit, the GIABA Assessors are expected to meet with all relevant stakeholders together and or separately to ascertain the application and effectiveness (implementations) of Liberia’s AML/CFT/PF laws viz-a-viz FATF standards.
Meanwhile, the FIU/FIA Acting officer in charge at the same time used the time to extoled President George M. Weah on the enactment of the Financial Intelligence Agency (FIA) Act, The Anti-Money Laundering, Terrorists Financing, Preventive Measure, Proceed of Crimes Act, the Whistle Blower and Witness Protection Act, the Liberia Anti-Corruption Commission (LACC) Act, among others.
He stressed further, “It is important to note that these legislative enactments are milestone achievements and a statement that money laundering and its predicate offences (crimes) corruption; terrorists financing and proliferation financing are not tolerated in Liberia.”
“The FIUL also appreciates the guidance of the National AML/CFT/PF Inter-Ministerial Committee of Liberia under the chairmanship of Justice Minister, Cllr. Frank Musah Dean, Finance Ministry Co-Chairman and the Central Bank of Liberia (CBL) Member for their continued support to the AML/CFT/PF Regime of Liberia,” the FIU/FIA boss mentioned.
Mr. Gee at same time encouraged the technical working group of the mutual evaluation process to continue achieving the objectives of the process aim to enhance coordination, cooperation and participation from the IMC and all stakeholders of the AML/CFT/PF regime of Liberia.
