New Liberia Magazine to efficiently pursue core objectives and foster robust administrative, technical, and operational activities and programs that address the deficiencies articulated supra. The FIA has embarked on a series of activities to strengthen domestic coordination. Key issues among these are activation of the Inter-ministerial Committee (IMC) on AML/CFT, reactivation of the Financial Crimes Working Group (FCWG) comprising all competent authorities, FIA’s membership with the National Integrity Forum (NIF), and improving coordination. All of these have been achieved during the period under review. Essential activities have also been implemented to strengthen the technical capacity of competent authorities, including LEAs, as well as reporting entities (REs). These activities are intended to address the deficiencies identified in Liberia’s second Round of Mutual Evaluation report of 2022 and the National Risk Assessment Report of 2021. They are enumerated further. Liberia Hosts GIABA West Africa Compliance Summit – August 2024 The summit, held in Monrovia from July 22-25, 2024, was aimed at building the capacity of private sector stakeholders to tackle “Emerging Risks and Changes to FATF Standards, Methodology and Implications for Private.” There were over 150 participants from West Africa in attendance. The keynote address of the opening ceremony was delivered by Justice Minister, Cllr. N. Oswald Tweh. He expressed that robust enforcement of Liberia’s AML/CFT legal framework is cardinal to safeguarding the country’s private sector and the West African region as well. This summit underscored understanding and effectively addressing emerging risks as essential for deepening compliance and ensuring the integrity and stability of the financial system, hence, the need for compliance professionals to adhere to FATF standards and ensure their organizations remain compliant.
“Overall, member States have made considerable progress in implementing the technical requirements of the FATF standards, but still facing substantial challenges in taking effective action in line with the risks they are presently faced with,” said Edwin Harris, GIABA Director General. Capacity Building Workshop on CFT As noted earlier, competent authorities, especially LEAs, in Liberia’s AML/CFT system have limited capacity to investigate and prosecute TF cases, as well as recover stolen assets. To remedy these drawbacks, the FIA in collaboration with GIABA conducted a Capacity Building Workshop for Competent Authorities on Countering the Financing of Terrorism (CFT). The training was also in fulfillment of Component- 6 of the ECOWAS Counter-Terrorism Action Plan – 2020-2024, which focused on countering the financing of terrorism, with GIABA as the lead implementer. Participants at the 4-day capacity building training were drawn from competent authorities, including the National Security Agency (NSA), Liberia National Police (LNP), Liberia Immigration Service (LIS), Liberia National Drug Enforcement Agency (LDEA), Financial Intelligence Agency (FIA), Liberia Revenue Authority (LRA), and the Ministry of Justice. Others were the Ministry of Finance and Development Planning (MFDP), the Central Bank of Liberia (CBL), Center for Transparency and Accountability in Liberia (CENTAL), Liberia Extractive Industries Transparency Initiative (LEITI), Liberia Anti-Corruption Commission (LACC), National Lottery Authority (NLA), Liberia Business Registry (LBR), General Auditing Commission (GAC), and the Internal Audit Agency (IAA). At the closing ceremony of the workshop, GIABA Director General, Edwin Harris, told participants: “Your dedication to strengthening Liberia’s capacity to combat money laundering and terrorist financing is both enviable and invaluable. Acquiring useful CFT investigation skills and knowledge is the central objective of this four-day training. With such skills and insights, I have full confidence that Liberia can make a significant impact in advancing the country’s security and financial integrity,” adding that with such AML/CFT knowledge, competent authorities
“can and will effectively identify, trace, and investigate illicit financial activities, to prosecute enablers and launderers of proceeds of crime and their accomplices.” Real Estate Sector Risk Assessment: Determined to reverse the deficiencies identified in Liberia’s National ML/TF Risk Assessment (NRA- 2021) and in Liberia’s second round of Mutual Evaluation Report, FIA has conducted a sectoral risk assessment of the real estate sector. Findings will address, inter alia, lack of regulators and extreme vulnerability of the real estate sector to money laundering and terrorist financing (ML/TF, and absence of a legal AML/CFT framework to regulate the sector. Entities targeted during the assessment were the Liberia Land Authority (LLA), Liberia Revenue Authority (LRA), Ministry of Public Works (MPW), Liberia Real Estate Union (LREU), Law firms, Probate courts, Notary Publics, Liberia Anti-
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