MONROVIA – The newly elected president of the Compliance Officers Forum of Liberia, Kojo Weeks is calling for a rigorous enforcement of existing laws on money laundering and other forms of non-compliance activities in Liberia.
Mr. Weeks was elected over the weekend at the Annual General Meeting of the Compliance Officers Forum of Liberia held in Monrovia.
By Contributing Writer
Speaking after his election, Weeks said although it is difficult to completely eradicate the menace; Liberia has the potential to significantly reduce money laundering and other forms of non-compliance.
Money laundering involves disguising financial assets so they can be used without detection of the illegal activities that produce them. Through Money laundering, criminals transform monetary proceeds derived from criminal activity into funds with an apparently legal source.
Speaking in an interview Tuesday in Monrovia, Weeks stressed the need for a uniform “Know Your Customer” (KYC) or a single requirement in terms of documentation for all financial transactions across every financial institution.
He called for strong punishments for violators who are tracked down and reported to the relevant authorities, as well as incentives for the institutions tracking down would-be money launderers.
Commenting on the challenges, Kojo said most of time, the efforts of organizations fighting money laundering are undermined when the relevant authorities do not act appropriately and in time, thus putting them in harm’s way.
He, at the same time lauded the Bankers Association of Liberia and the Financial Intelligence Unit, amongst others for the continuous support towards the organization.
Prior to his election, Weeks served as interim President of the Compliance Officers Forum of Liberia. He said the primary objective of his leadership will be capacity building for all compliance officers across the country.
He noted that following the recent training in Ganta, Nimba County over the weekend, the leadership-elect will ensure more trainings and professional certifications to further build the capacity of the current and future compliance officers in Liberia.
Meanwhile, others elected to serve alongside Weeks include Ibraheem Odesol, Vice President, Comfort Seville, General Secretary, Thelma Yoko, Financial Secretary and Peirre Nemilin as Treasurer.
The Compliance Officers Forum of Liberia is an organization setup to detect and report money laundering and other financial non-compliance in the country.