FIU To Hold Three Days Stakeholders Validation Legal Instruments
The Financial Intelligence Unit of Liberia (FIU) will hold a stakeholders’ validation of three (3) legal instruments from 24th to 25th September, 2019 in Monrovia. The legal instruments are listed below:1) Regulation on Enhanced Due Diligence in the Provision of Financial Services to Politically Exposed Persons (Regulation on PEPs)
2) Regulation on Targeted Financial Sanctions against Terrorists
3) Financial Intelligence Agency Act, 2019
The Inter-Government Action Group against Money Laundering in West Africa (GIABA) of ECOWAS conducted a Mutual Evaluation (ME) of Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime in November 2010. The result of the ME is a report adopted by GIABA Plenary in May, 2011, pointing out significant deficiencies in Liberia’s AML/CFT Regime.
Liberia has since addressed significant components of the deficiencies. However, in the final report of the GIABA 30th Technical Commission/Plenary Meeting held from 11th to 16th November 2018 in Banjul, The Gambia, Liberia was admonished to continue to make progress on the remaining deficiencies. Specifically, Liberia was urged to report on progress made on the below listed deficiencies to the GIABA Secretariat before the 32nd Technical Commission/Plenary Meeting in November 2019 to be held in Dakar, Senegal:
1. Criminalize the full range of predicate offences
2. Effectively implement preventive measures among DNFBPs as well as monitor and supervise DNFBPs
3. Establish appropriate legal framework for timely access to beneficial ownership information
4. Establish appropriate legal framework for NPOs in accordance with the revised FATF standards
5. Issue regulations or procedures for effective implementation of Mutual Legal Assistance
6. A) Enact the Financial Intelligence Agency Act; and the Money Laundering, Terrorist Financing, Preventive Measures and Proceeds of Crime Act. B) Issue the Regulations on Targeted Financial Sanctions against Terrorists; and the Regulations on PEPs. C) Conduct sensitization and training programs on the Targeted Financial Sanction against Terrorist Act and the Regulation on Targeted Financial Sanctions against Terrorists for relevant stakeholder institutions.
7. Enhance the capacity of relevant officials to investigate and prosecute ML
8. Intensify efforts to join to the Egmont Group of FIUs.
9. Attain Money Laundering conviction.
Against this backdrop, Liberia has remained committed to addressing the outstanding deficiencies by the drafting of the legal instruments with assistance from the International Monetary Fund (IMF) and holding of stakeholders’ validation for onward submission to the office of the President of the Republic of Liberia.