The Director General of the Financial Intelligence Unit (FIU), Edwin W. Harris, wants every lawyer and legal institution to file all suspi
cious transaction reports, when they have reasonable belief that sources of proceed of clients are derived from the proceed of crimes to the FIU in line with the law.
He says this is compliance with the Anti-money laundering and countering terrorist financing laws in Liberia.
“Buying and selling of real estate, managing money, organization of companies are amongst transactions, that lawyers need to file suspicious transaction reports, in keeping with Financial Action Taskforce (FATF) recommendation 2,” the FIU chief said.
Speaking at the Law Day program organized by the Liberia National Bar Association on Friday, May 7, 2021, Mr. Harris elaborated that adherence to the AML/ CFT laws is a global requirement for every actor to follow, with lawyers being of no exception.
According to him, FIU started requesting for suspicious financial reports from banks and other institutions since 2013 to ensure the protection of Liberia’s financial system.
He mentioned that though lawyers are self- regulating professionals and as such, they need to file regular financial reports about acquisition of real estates and vehicles that do not conmusurate with their clients’ and others incomes, but sense that those funds derived from crimes.
The FIU boss has renewed call for Lawyers to exercise due diligence before and after accepting contracts of would be their clients to enhance the effectiveness of the AML/CFT laws in Liberia.
He stressed that suspicious financial reports that are filed by banks and other institutions are confidentially protected and secured by FIU via a portal, which is also secured by reliable cyber security features.
Mr. Harris also disclosed that FIU is noted for imposing fines on violators who have refused and failed to regularly file suspicious financial reports, in keeping with the AML/CFT laws of Liberia.
“FIU has filed suspicious financial reports to the Ministry of Justice, Liberia National Police, Liberia Revenue Authority, Liberia Anti-Corruption Commission , amongst other competent authorities for prosecutory actions, he pointed out.
He added that competent authorities that are noted for receiving those reports need to exercise political will to indict, trial and subsequent prosecute would be violators of the AML/CFT laws, without fear or favor.
The FIU DG said the National Risk Assessment Report has been finalized and it outlines risks in every sector in Liberia.
” The National Risk Assessment Report is a holistic approach that was used by FIU and other competent authorities and it will be shortly released, as Liberia prepares for the second mutual evaluation next year,” he noted.
He added that members of the Liberia National Bar Association need to embrace new ideas in the implementation of the AML/ CFT laws and work in conformity with the laws regarding attorney and clients’ privilege.