PHOTO: FIU boss Edwin Harris (left)
The Financial Intelligence Unit of Liberia (FIU) and other stakeholders have officially launched a workable National Strategy and Action Plan on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), a press release from the FIU said today, Wednesday.
This action plan seeks to protect Liberia’s financial system and the country’s economy.
Launching the AML/CFT Action Plan on June 22, 2022, FIU Liberia Director General, Edwin W. Harris, elaborated that the strategy and action plan has been prepared to address challenges of predicable offenses, ranging from bribery, corruption and other illicit practices that are posing severe threats to Liberia’s financial system.
According to him, the implementation of the national strategy and action plan requires collaboration of all stakeholders in the public and private sectors in Liberia who have national obligation to safeguard the country’s financial system from waste and abuse.
He mentioned that the effective enforcement of the present AML/CFT national strategy could meaningful help Liberia scores colorful rating in the planned second round of mutual evaluation scheduled for September of this year (2022), which will be conducted by accessors from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
Director Harris renewed call for all stakeholders to fully participate in the upcoming planned second mutual evaluation to protect and promote Liberia’s image because, the country will be evaluated by GIABA mainly on technical compliance and other issues.
He added that the current AML/CFT strategy has created an avenue for national compliance and wants all stakeholders to comply to this worthy initiative to send a powerful signal to the entire world that Liberia is on the rightful trajectory to fight and prevent financial malpractices and other illicit acts.
Also speaking at the event, Attorney Decontee King Sackie, Deputy Commissioner for Technical Affairs at the Liberia Revenue Authority (LRA), commended FIU for implementing the signed Memorandum of Understanding (MOU), which seeks to allow the two integrity entities share useful information for the benefit of the Liberian society and her people.
According to her, the exchange of information between FIU and LRA has helped the Revenue Authority to address and prevent tax invasion, which is one of the grave offenses captured in the National Risk Assessment Report (NRA).
She said that LRA appreciates the collaboration with the FIU because, the Revenue Authority is one of the direct beneficiaries of FIU initiatives and intelligence, which are greatly helping to increase revenue generation for Liberia.
For his part, Dr. Musa Dukuly, Deputy Governor for Economic Policy at the Central Bank of Liberia (CB), intoned that the effective implementation of the National Strategy and Action Plan by all stakeholders could greatly help Liberia to be an attractive money remittance country, when compliance is prioritized by everybody.
According to him, CBL is prepared to provide support to the FIU and other stakeholders to enhance the implementation of the National Strategy and Action Plan.
Also speaking, Deputy Finance and Development Planning Minister for Economic Cooperation, Augustine Flomo, says he supports FIU and other stakeholders’ effort to make Liberia a fraud free financial environment that fights and prevents illicit financial practices.
According to Deputy Minister Flomo, FIU is noted for working in the confines of Liberian legal system and its actions have legal reliance against unwholesome financial acts that are posing serious threats against Liberia’s image.
He emphasized that robust implementation of the National Action Plan by FIU and other stakeholders without any compromise, could help Liberia before and after her second round of mutual evaluation that will be executed by GIABA in line with global best practices.
Deputy Minister Flomo has added his voice for the 54th Legislature In Liberia to fast track the passage of several anti-graft legislations before that honorable body.
Also speaking, Moses Kowo, Executive Director of the Liberia Anti-Corruption Commission (LACC), expressed optimism that the urgent passage of the Whistle Blower and Witness Protection Act and other useful anti-graft legislations before the Liberian 54th Legislature when enacted, have the propensity to support the robust enforcement of the national strategy and action plan which has been launched.
Making remark, Senator Conmany B. Wesseh who represents Rivergee County at the Liberian Senate, disclosed that the Senate Adhoc Committee recently constituted has agreed to maintain tenures for all appointed officials who head or control integrity institutions in Liberia to ensure noninterference and neutrality in the discharge of their duties.
He calls on his legislative colleagues to exhibit compliance in the payment of their lawful taxes to help make Liberia a compliance friendly country.
Also marking remark, Cllr. Cooper Kruah, Minister of Post and Telecommunication, said the proposed Cyber Crimes Act /law Prepared by the ministry is a useful tool that could help FIU and Liberia at large in the implementation of the AML/CFT national action plan.
Mr. George Mensah Asante, Chief Executive Officer of Ecobank-Liberia and an executive member of the Liberia Banker Association, pledged the banker association’s support regarding the full implementation of the AML/CFT Strategy and Action plan.
Meanwhile, the Liberia National Bar Association, has disclosed that it is prepared to work with FIU to resolve few critical issues regarding the filing of suspicious reports by legal practitioners and their films to ensure adherence to the AML/CFT regulations in Liberia.