GIABA Restores Liberia’s Financial Intelligence Unit membership
MONROVIA – The Financial Intelligence Unit of Liberia appreciates the Inter- Governmental Action Group Against Money Laundering in West Africa (GIABA) for restoring Liberia downgraded status over the period of one year. The decision was reached during the just ended 34th Plenary, held in Somone, Senegal from December 4-14, 2020.
The decision taken by the regional body on Liberia was due to the country’s progress in addressing some of the deficiencies in its Anti-Money Laundering regime. The Technical Committee recognizes the tremendous progress made by Liberia from November 2019 to present in solving some of the deficiencies in its Anti-Money Laundering regime.
The decision was possible based on the progress Liberia has made in the past year; the Plenary has however approved Liberia to exit from the enhanced expedited reporting process of its first round of follow up reports. With the exit of Liberia from the enhanced expedited reporting process, the Financial Intelligence Unit of Liberia hereby announces Liberia’s automatic removal from its
previous downgraded status.
Meanwhile, Liberia is now set to begin preparation for its second round of Mutual Evaluation that will further gauge the country’s technical and effective compliance to the Financial Action Task Force (FAFT) Recommendations.
Additionally, GIABA Plenary has instructed the Director General of GIABA to undertake a major advocacy mission to Liberia early next year to sensitize the authorities in Liberia on the significance of the FIU operations and the passage of key laws to bring Liberia into full and technical compliance with the FATF Recommendations.
National Risk Assessment for Money Laundering
The FIU as head of the steering and coordinating committee is pleased to inform the public that the National Risk Assessment on Liberia has been submitted to its partners including, GIABA, the World Bank, and the US Treasury for technical reviews.
The FIU extends its thanks to the Government of Liberia and partners for the funding and technical support in the completion of the National Risk Assessment of Liberia.
Prevention of filing of defectives and non-redeemable bonds in corruption cases:
Beginning January 2021, the FIU will commence working closely in consultation with the Supreme Court of Liberia to put a halt to issuance of defective and non-redeemable bonds in corruption cases filed by Insurance Companies operating in Liberia.
The FIU believes that most corruption, fraud and bribery cases have been undermined by some insurance companies issuing bonds way beyond their capacity and financial liquidity. This practice allows some Insurance Companies to serve as an enabler to these alleged corrupt individuals and institutions for which bonds are issued to begin their escape plans out of our court system.