Monrovia – At the opening of a five-day capacity-building workshop on Countering Terrorism Financing (CFT) for national stakeholders, Liberia’s Justice Minister and Attorney General, Cllr. N. Oswald Tweh, alongside Edwin W. Harris, Director General of the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA), called for stringent enforcement of anti-terrorism financing laws in Liberia. Both leaders emphasized the importance of protecting the country’s financial system from illicit financial activities.
The workshop, organized by GIABA and the Financial Intelligence Agency of Liberia (FIA), aims to combat the growing threats posed by terrorism and the illicit financial flows that fuel it. This initiative marks a crucial step in strengthening the national and regional frameworks against these threats.
Participants include members from key agencies such as the National Security Agency (NSA), Liberia National Police (LNP), Liberia Immigration Service (LIS), and the Liberia National Drug Enforcement Agency (LDEA), among others. Additional attendees are from the Liberia Revenue Authority (LRA), Ministry of Justice, Ministry of Finance and Development Planning (MFDP), Central Bank of Liberia (CBL), and several other integrity institutions.
During his speech at the event in Monrovia on Monday, September 23, 2024, Cllr. Tweh highlighted the detrimental impact of terrorist financing on Liberia’s financial system. He reiterated the need for regional and global preventive measures to address these deficiencies, which threaten the integrity of financial systems worldwide. “Terrorist financing activities are detrimental to every country’s financial system, with Liberia being no exception,” Cllr. Tweh stated.
The Justice Minister called for frequent capacity development for competent authorities and reporting entities to bolster the fight against terrorist financing and other financial crimes. He stressed the importance of technical tracing by competent authorities based on evidence, leading to the prosecution of those involved in illicit financial activities.
Cllr. Tweh also pointed out that both illicit and legal financial channels could serve as conduits for money exchangers and others to exploit the regional and global financial systems for personal gain.
On his part, Edwin W. Harris discussed the broader impact of terrorism financing, noting that it is a challenge that affects every nation. “The fight against terrorism financing is not an isolated endeavor but one that affects every nation and region,” Harris said, acknowledging the Liberian government’s proactive stance in combating money laundering and terrorist financing.
Harris praised the leadership of President Dr. Joseph N. Boakai and the government’s initiatives in fighting corruption. He mentioned the need for enhanced AML/CFT compliance in Liberia, referencing the country’s recent mutual evaluation report which highlighted critical gaps within its AML/CFT regime. These deficiencies, according to Harris, pose risks to national security, economic stability, and international reputation.
The GIABA Director emphasized that the workshop represents GIABA’s commitment under the ECOWAS Counter-Terrorism Action Plan, focusing on countering the financing of terrorism. He also noted that GIABA had trained over a hundred trainers who have disseminated their expertise to various national stakeholders, thus enhancing Liberia’s institutional capacities to detect, prevent, and disrupt terrorist financing.
“The skills and knowledge you have acquired are essential to the success of this week’s training. I have full confidence that Liberia will make a significant impact in advancing the country’s security and financial integrity,” Harris urged participants.
Mohammed A. Nasser, Officer-in-Charge of the FIA, expressed optimism that the training would significantly improve the investigative and prosecutorial capabilities of law enforcement and tax authorities in addressing terrorist financing cases effectively.
Deputy Inspector General of the Liberia National Police for Crime Services, Simeon Frank, underscored the importance of the training, stating that without due diligence in combating money laundering, the financial climate would be hostile, benefitting criminals engaged in laundering activities. Frank called for robust enforcement of AML/CFT laws, particularly in the context of new challenges posed by online banking and cryptocurrency.
This comprehensive training aims to sharpen the collective skills of participants, enabling them to effectively detect, prevent, arrest, and investigate suspected entities linked to terrorist financing, thus strengthening Liberia’s overall security and financial integrity.
Discussion about this post