MONROVIA — The Financial Intelligence Agency of Liberia (FIA) has significantly enhanced its credibility by forging stronger partnerships with the Compliance Officers Forum of Liberia and the Chief Executive Officers (CEOs) of banks operating within the country. This strategic collaboration aims to combat the abuse and misuse of Liberia’s financial system, specifically targeting money laundering and other illicit financial activities.
On June 18, 2024, during a meeting with the Compliance Officers Forum, FIA’s Officer In-Charge, Mohammed A. Nasser, reiterated the agency’s commitment to exercising its statutory power to prevent and take legal action against those involved in money laundering. Nasser highlighted that such illicit activities severely damage Liberia’s financial reputation both locally and internationally.
Enforcing AML/CFT/P Laws
Nasser assured that under his administration, the FIA is well-prepared to enforce stringent Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/P) laws. He emphasized that Section 67.3 of the FIA Act would be rigorously applied to regulate reporting entities, thereby minimizing illegal financial activities.
FIA Compliance Manager Bobbi Q. Harris also addressed the forum, urging reporting entities to conduct regular risk-based assessments and document identified risks to safeguard Liberia’s financial integrity. He stressed the importance of adhering to global AML/CFT standards and conducting due diligence for all entities and individuals involved in financial transactions.
Call for Continuous Training
In a related development, Robert Nkous, CEO of Afriland First Bank, called for continuous training for compliance officers and banking staff. Speaking at an FIA-organized meeting on June 20, 2024, Nkous expressed confidence in the potential of Liberian banking staff but stressed the need for ongoing capacity development in AML/CFT regulations and practices.
Nkous urged the FIA, the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), and the Financial Action Task Force (FATF) to enhance training efforts to ensure compliance officers are well-prepared and certified. FIA’s Officer-In-Charge, Mohammed A. Nasser, welcomed this proposal but noted that the FIA Act of 2021 mandates banks to build their staff’s capacities in line with AML/CFT laws.
Promoting Experienced Compliance Officers
Nasser also mentioned that Liberia has experienced compliance officers who can be promoted to managerial positions to meet international AML/CFT standards. He recalled that the FIA and GIABA have conducted training and awareness programs for compliance officers in Liberia.
Supporting Nasser’s points, Ikenna Anekwe, Managing Director of Guaranty Trust Bank, praised his Head of Compliance, Sualiho A. Donzo, for his excellent performance in AML/CFT compliance. Anekwe indicated that Donzo’s promotion to a managerial position would be supported by GT Bank’s board members.
Upcoming Meetings with Key Sectors
The FIA plans to meet with CEOs and senior managers from the insurance, fintech, gaming, and telecommunications sectors to ensure full compliance with Liberia’s AML/CFT laws and regulatory obligations.
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