CENTAL Earlier Called For His Suspension, Pending Outcome of LACC’s Ongoing Investigation
PHOTO: President Joseph Boakai
Monrovia- President Joseph Nyuma Boakai has suspended, with immediate effect, Mr. Stanley Ford, Director General of the Financial Intelligence Agency (FIA) for allegations of financial and other malpractices at the institution, an Executive Mansion press release said over the weekend.
As the issue has raised eyebrows in various circles, the President has made it clear that there is no tolerance for any form of malpractice and, as such, he has directed the Ministry of Justice to undertake a comprehensive investigation into the matter. He expressed confidence that the investigation will ensure that justice is served.
The President has further urged Mr. Ford to submit himself to the investigation and cooperate fully to make sure that the matter is resolved expeditiously.
This move by the Liberian Leader is a clear demonstration of his commitment to upholding the rule of law and ensuring that public officials are held accountable for their actions.
The Center for Transparency and Accountability (CENTAL) had earlier call on the President to suspend the FIA boss.
On February 27, 2024, Frontpage Africa reported that the Financial Intelligence Agency of Liberia (FIA), which is mandated to investigate financial crimes is itself alleged to have been caught in the web of dubious financial dealings and crimes. According to the report, over one million United States Dollars was disbursed in the name of the Comptroller, including over US$500 Thousand withdrawn on the same day it was transferred by the Central Bank of Liberia.
CENTAL said in a press statement that another report placed the total amount involved in the scandal to over US$6 million. For us, these reports are not just disturbing but have the proclivity to erode citizens and development partners’ trust in institutions like the FIA clothed with the authority to fight corruption and other shady financial dealings, including money laundering. If not properly disposed of, these allegations could hamper the credibility of the institution, including the outcomes of sanctions and other efforts made to enforce their very important mandate. For example, fines imposed on insurance companies, banks, gaming companies and other entities for violation of financial procedures could face stiff challenges. Also, responsible institutions might hesitate to make suspicious transaction reports to FIA, as required by its 2022 amended act.
In its statement CENTAL further said:
We note multiple occasions during which FIA sanctioned individuals and institutions accused and investigated for alleged dubious financial dealings and money laundering, similar to that which the current leadership is accused of. For example, in 2021, granting a motion filed by FIA, the Presiding Judge of Criminal Court C ordered the proceeds of over US$234,000 confiscated and transferred to the General Revenue Account of Liberia. The company at the center of the saga, Korlane Investment Limited Liability Company and its corporate owners were investigated by FIA for alleged wire fraud and money laundering. The very FIA with a mandate to fight such a crime cannot be at the center of similar and even more egregious incidents; it thus needs timely and appropriate action (s) from the leadership of the Country.
Distinguished media partners, we have reliably learned that Mr. Ford is undergoing investigation by the Liberia Anti-Corruption Commission (LACC). This is highly welcoming. However, given the gravity of this corruption scandal and its implications for the work and reputation of FIA and by extension the country’s integrity sector, we strongly recommend an administrative sanction, pending the outcome of the ongoing investigation. Therefore, we call on President Joseph Nyuma Boakai, Sr. to immediately Suspend Mr. Stanley Ford, director general of the institution and all those at the center of the saga, as their continued presence as leaders and managers casts dark shadow over the institution and neutralize its ability to fight financial crimes and other related crimes. Also, we encourage the Liberia Anti-Corruption Commission to timely complete her ongoing investigation into the matter as well as provide regular updates to the public.
In conclusion, we urge institutions and individuals leading anti-corruption efforts to set very high standards for others to follow, both in and out of government. The latest incident at FIA does not only damage the entity’s reputation but affects the morale of staff who are working diligently and may sometimes sacrifice to perform their assigned responsibilities. President Boakai must act and do so now if stakeholders must have the required level of confidence in and continue to do business with the Financial Intelligence Agency of Liberia.