New Liberia Magazine
Corruption Commission (LACC), Liberia National Bar Association (LNBA), Ministry of Justice (MOJ), Association of Liberian Construction Contractors (ALCC), Liberia Business Registry (LBR), Nation Builders, Ducor Engineers, LRDC, KW ARECOM, Pierre Tweh, staff of the FIA, etc. FIA Conducts Risk-based Inspection Inspection is currently being carried out in the Fintech and gaming sectors, assessing the level of money laundering and terrorist financing (ML/TF) risks associated with each licensed and operating entity within these sectors. The assessment is also intended to pinpoint specific high-risk sectors, institutions, and geographical areas, as well as customers and delivery channels as captured in the 2021 National Risk Assessment Report. Additionally, the inspections primarily focuses on identifying the general ML/TF risk landscape of each sector and its components, the inherent risks profile, potential weaknesses of each reporting entity’s- controlled measures and the adequacy of mitigating measures. Inter-ministerial Committee Adopts New AML/ CFT Action (2025-2028) As part of ongoing effort to strengthen Liberia’s AML/CFT legal and institutional frameworks and to improve the effectiveness of investigation, prosecution and asset recovery related to money laundering, financing of terrorist and proliferation financing (ML/TF/PF), Liberia’s Inter-ministerial Committee (IMC) has adopted the country’s 5-year AML/CFT Action plan, spanning 2024 – 2028. The plan outlines recommended actions to address deficiencies identified by assessors of GIABA in Liberia’s Second Round of Mutual Evaluation Report (MER-2). It also strengthens Liberia’s readiness to combat Money Laundering, Terrorist Financing, and other Predicate Offenses. The Action Plan further focuses on several interrelated components of technical compliance to the Financial Action Taskforce (FATF) 40 Recommendations, and Effectiveness of their eleven (11) Immediate Outcomes (IOs) and addresses concerns raised in the Mutual Evaluation Report, adopted at the GIABA Plenary in May 2023, which placed Liberia on an Enhanced Follow-up process, due to significant deficiencies in technical compliance and effectiveness in the country’s AML/CFT system. Liberia Gains Membership of the Egmont Group Liberia, through the Financial Intelligence Agency of Liberia (FIA), joined the Egmont Group Charter of Financial Intelligence Units as a full member. With this status, Liberia now enjoys all rights and privileges to this global platform. The country’s admittance to the Egmont Group also presents an opportunity for improvement in international cooperation, communication, information sharing, and coordination in the fight against money laundering, terrorist financing, and other financial crimes. FIA Inaugurates e-Learning Center Resolved to enhance digital skills and to provide hands-on training for competent authorities and other AML/CFT stakeholders in Liberia, FIA has inaugurated an e-learning center. The equipment was donated by GIABA as part of its commitment to build the capacities of member countries in West Africa. The computer-based e-learning program will equip trainees with essential Anti-Money Laundering skills and knowledge necessary for the modern workforce across competent authorities. Issuance of Administrative Sanctions During the period under review, FIA issued two administrative sanctions, affecting the Colony Casino in Congo Town and the United Bank of Africa, Liberia Limited (UBA Liberia). These sanctions were consistent with section 15.3.29 of the AML/CFT Act of 2021 and Section 67.3(17) of the FIA Act of 2021, respectively, and were triggered by what the Agency described as “witting misconduct, willful disregard, and deliberate obstruction of Government’s functions, based on these entities’ blatant refusal to adhere to Liberia’s AML/CFT laws and regulations”. Predicated upon the above and in reflection of its legal mandate, FIA requests the Colony Casino to grant full access and allow the Agency’s inspection team to carry out their assigned duties and functions without any further obstruction within 48 hours. Moving forward, and should the Casino fail to adhere to this forewarning, FIA shall institute additional measures which could include more severe reprimands, consistent with legal provisions in Liberia’s AML/CFT regime. Enhanced Mutual Collaboration Against Financial Crimes
A delegation of the FIA recently visited the Nigerian Financial Intelligence Unit (NFIU) on a study tour, to bolster cooperation and exchange best practices in the AML/CFT industry. The study tour began with a forum organized by NFIU, with stakeholders in attendance desiring to create a collaborative framework for tackling Money Laundering and Terrorist Financing (ML/TF). NFIU CEO, Hafsat Bakari, has emphasized the importance of timely, credible and actionable feedback and engagement, while at the same time improving technology. Since the appointment of OIC Mohammed A. Nasser, the FIA has prioritized the training and
New Liberia Magazine