Monrovia – Liberia’s Inter-Ministerial Anti-Money Laundering and Countering the Financing of Terrorist (AML/CFT) Steering Committee and the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA) have pledged to identify mitigating measures against emerging risks and changes to the Financial Action Taskforce (FATF) standards. These commitments were made during GIABA’s ongoing compliance summit in Monrovia, which focuses on the implications for the private sector in West Africa.
Addressing 150 participants from various West African countries on Monday, July 22 at the summit’s opening session, Liberia’s Justice Minister and Attorney General, Cllr. N. Oswald Tweh, expressed Liberia’s commitment to detecting FATF’s evolving risks and changes. He emphasized that enforcing robust legal actions is essential to safeguard Liberia’s private sector and the broader West African region.
Cllr. Tweh highlighted Liberia’s promotion of compliance among reporting entities through stringent enforcement of AML/CFT laws and regulations. He underscored that the Ministry of Justice, the Financial Intelligence Agency of Liberia, and other competent authorities are effectively strengthening their readiness to enforce actionable AML/CFT measures against non-compliant entities involved in suspicious financial activities related to money laundering.
“In the dynamic and ever-evolving landscape of global finance, the importance of compliance cannot be overstated. The Financial Action Task Force (FATF) standards serve as the bedrock upon which our financial integrity is built, ensuring that our systems are resilient against money laundering, terrorist financing, and other financial crimes. As these standards evolve to meet new and emerging risks, it is imperative that we, as a region, stay ahead of the curve and adapt swiftly and effectively,” stated Cllr. Tweh.
He emphasized the indispensable role of the private sector in this endeavor, noting that businesses, financial institutions, and other private entities are at the forefront of implementing these standards. “Their vigilance, adherence to compliance protocols, and proactive measures are crucial in safeguarding our financial systems. This summit provides a unique platform for dialogue, knowledge sharing, and collaboration, enabling us to collectively navigate the complexities of emerging risks and changes to FATF standards.”
FIA Officer-In-Charge, Mohammed A. Nasser, welcomed the West African delegates to the summit and encouraged them to maximize the training opportunities. He noted substantial breaches in the operational enforcement of preventive AML/CFT policies by regulated entities, citing issues such as an inability to understand risks, ineffective customer due diligence, weak transaction monitoring systems, and challenges in reporting suspicious transactions.
Nasser urged compliance practitioners in Liberia and the West Africa region to analyze mutual evaluation reports carefully and incorporate appropriate recommendations into their risk assessments and AML/CFT programs to ensure ongoing compliance with global standards.
He reiterated the summit’s aim to raise awareness among critical stakeholders, particularly the private sector and Financial Intelligence Units (FIUs), regarding evolving money laundering, terrorist financing, and proliferation financing activities.
“The summit also aims to reinforce participants’ capacity to address evolving risks and align their compliance frameworks with the revised FATF standards and methodology,” he stated.
GIABA Director General Edwin W. Harris elaborated on the evolving global compliance landscape with new and emerging money laundering, terrorist financing, and proliferation risks. He stressed the importance of staying informed about changes to ensure organizations remain compliant.
“Mutual evaluation is a core mandate of GIABA. This peer-reviewed exercise assesses countries’ compliance with the FATF standards and the effectiveness of their actions in tackling money laundering, terrorist, and proliferation financing. To date, GIABA has adopted sixteen Mutual Evaluation Reports (MERs) under its 2nd round of mutual evaluations. Member States have made considerable progress in implementing the technical requirements of the FATF standards but still face substantial challenges in taking effective action in line with the risks they are presently faced with,” he noted.
Harris called on member states to reflect on the effectiveness of their AML/CFT efforts and take practical steps to address strategic deficiencies in preparation for the 3rd round of evaluations beginning in 2026. He highlighted the need for greater coordination and synergy between national authorities and private sector operators in addressing implementation challenges and emerging risks.
Delivering the keynote address on behalf of the Central Bank of Liberia Executive Governor, Musah A. Kamara, Senior Technical Advisor to the CBL Governor, discussed the pivotal role of the evolving FATF standards in shaping the global financial system to combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. He emphasized the importance of understanding these standards’ historical evolution to navigate the future of financial crime prevention.
The summit, themed “West Africa Summit, 2024 Emerging Risks and Changes to FATF’s Standards/Methodology – Implications for the Private Sector,” formally opened at the Monrovia City Hall and will run from July 22-25. It aims to strengthen the private sector’s capacity to implement AML/CFT measures in anticipation of the 3rd round of national risk assessments and mutual evaluations.
