MONROVIA – The Financial Intelligence Agency of Liberia (FIA) has submitted the 2024-2028 draft National Action Plan for Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/P) to Liberia’s Inter-Ministerial AML/CFT Steering Committee. This comprehensive roadmap outlines measures to address the deficiencies identified by the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA) in Liberia’s second round of mutual evaluation, thereby strengthening the country’s ability to combat money laundering, terrorist financing, and other related offenses.
The submission occurred during the Steering Committee’s second meeting of 2024, which brought together key stakeholders within Liberia’s AML/CFT framework. Participants included representatives from the Ministry of Justice (MOJ), Central Bank of Liberia (CBL), Liberia Revenue Authority (LRA), Liberia National Drug Enforcement Agency (LDEA), and Liberia Anti-Corruption Commission (LACC), among other members of the committee.
The Inter-Ministerial Steering Committee, which serves as Liberia’s national body for AML/CFT oversight, is chaired by the Ministry of Justice, with the FIA acting as its Secretary. During the meeting, Justice Minister and Attorney General, who chairs the committee, emphasized Liberia’s commitment to enhancing its regulatory framework following the first round of GIABA’s mutual evaluation in November 2010. The Minister recalled how the evaluation prompted the country to prioritize preventive measures across all AML/CFT/P sectors to improve regulatory compliance and address identified deficiencies.
The Justice Minister noted that, to enhance domestic cooperation, the committee has engaged various competent authorities and reporting entities across banking, insurance, gaming, and other sectors. These stakeholders are expected to implement actionable measures against money laundering and other offenses that could undermine the integrity of Liberia’s financial system.
Highlighting Liberia’s ongoing efforts to align with international standards, the Justice Minister reiterated the country’s dedication to continuous improvement of its regulatory framework. This includes adhering to the Financial Action Task Force (FATF) 40 Recommendations and best practices set by GIABA and the Egmont Group to safeguard Liberia’s financial system from potential abuse.
Reflecting on Liberia’s progress since the first round of mutual evaluation, which was adopted by GIABA on May 5, 2011, the Minister credited the establishment of the Financial Intelligence Unit (now the Financial Intelligence Agency), the enactment of the AML/CFT Act of 2012, and other regulatory reforms as key milestones in the country’s fight against financial crimes.
Speaking at the meeting, FIA Officer-In-Charge, Mohammed A. Nasser, emphasized the need for full participation from all competent authorities in implementing the National AML/CFT/P Action Plan. He pointed out that the 2022 mutual evaluation conducted by GIABA, and adopted in May 2023, recognized some of Liberia’s achievements but also highlighted areas requiring further action. Nasser stressed that collective efforts are necessary to address the deficiencies outlined in the evaluation and to ensure robust enforcement of AML/CFT measures.
Nasser also highlighted specific recommendations from the GIABA evaluation, such as Recommendations 7 and 15, which call for enhanced measures against proliferation financing. He urged all relevant authorities to collaborate effectively in implementing the necessary steps outlined in the draft action plan to strengthen Liberia’s AML/CFT compliance.
He further noted that Recommendation 8 identified Non-Profit Organizations (NPOs) as potential high-risk conduits for terrorist financing. In response, the FIA has initiated preventive measures involving all competent authorities to mitigate these risks.
Additionally, Nasser mentioned the importance of revisiting compliance with Recommendations 15, 24, and 25, which focus on virtual assets, currency, customer due diligence, and beneficial ownership, respectively. He urged for immediate actions to address the deficiencies highlighted in these areas.
The draft National AML/CFT Action Plan for 2024-2028 is set to undergo several phases, including review by the IMC technical working group, stakeholder validation, and an official launch. These steps will lay the foundation for rigorous enforcement and continued progress in Liberia’s fight against money laundering and related financial crimes.
