The Financial Intelligence Unit says it is grateful to report to the Liberian Public the decision reached by the Inter-Governmental Action Group Against Money Laundering in West Africa(GIABA) during the just ended 34th Plenary held in Somone, Senegal, from December 4–14, 2020.
The FIU disclosed that 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,” a FIU press release noted.
“Based on the progress Liberia has made over the last one year, the Plenary has approved Liberia to exit from the enhanced expedited reporting process of its first round of follow up report. 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.
“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 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.,” the FIU release added.
National Risk Assessment for Money Laundering
The FIU, as head of the steering and coordinating committee, says it is pleased to inform the public that, the National Risk Assessment on Liberia has been submitted to partners, mainly GIABA, the World Bank and the US Treasury, for technical reviews and it is expected to be published and distributed to all stakeholders and the private sector when approved for integration into their anti-money laundering and countering terrorist financing risks and mitigation plans.
“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 says it 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 says it 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 the Court system.
“The FIU would like to remind the public that the issuance of these defective bonds is a crime under the Anti-Money Laundering Act of 2012. Pursuant of this, the FIU will prevent this action and will enforce the law without fear and favor commencing next year (2021). In view of the forgoing, the FIU will be submitting to the Supreme Court and all Circuit Courts in Liberia list of insurance companies and the threshold on bond amounts they can issue base on their financial liquidity, which empowers their capability to redeem such bonds” the FIU release said.
