Liberia: Compliance Officers Call for Rigorous Enforcement on Money Laundering



— Elects new corps of officers 

The newly elected president of the Compliance Officers Forum of Liberia has called for a rigorous enforcement of existing laws on money laundering and other forms of non-compliant activities within the country.

Kojo Weeks, who was elected recently at the annual general meeting of the Compliance Officers Forum of Liberia, stated that while it is difficult to completely eradicate the threat, Liberia has the potential to significantly reduce it. 

The Compliance Officers Forum of Liberia, established on July 14, 2022, exists to detect and report money laundering and other financial non-compliance in the country.

However, money laundering involves disguising financial assets so they can be used without detection of the illegal activity that produces them. 

Additionally, through Money laundering, criminals transform monetary proceeds derived from criminal activity into funds with an apparently legal source.

Weeks, who spoke in an interview on Monday, February 7, stressed the need for a uniform “Know Your Customer” (KYC) or a single requirement in terms of documentation for all financial transactions across all financial institutions.

He also called for a strong punishment for violators to track down and report to the relevant authority, as well as incentives for the respective institutions that would be money launderers.

Commenting on the challenges, Weeks said most times the efforts of the organization gets undermined, when the relevant authority does not act appropriately and in time, thus putting them in harm’s way.

He also used the occasion to thank the Bankers Association of Liberia and the Financial Intelligence Unit, amongst others, for their continuous support towards the organization.

Meanwhile, those elected at the forum were Kojo Weeks, President-Elect; Ibraheem Odesol, Vice President; Comfort Seville, General Secretary; Thelma Yoko, Financial Secretary; and Peirre Nemelin as Treasurer, respectively.