Liberia: GIABA Releases Initial Findings on Liberia's 2nd Round Mutual Evaluation
GIABA team and government officials pose for a photo after the release of the findings
The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has finally released its latest findings on Liberia’s gains and challenges in the fight against money laundering, financing of terrorists, and proliferation financing.
GIABA’s assessors conducted interactions with stakeholders from the public and private sectors during their onsite visit assessment in Liberia.
According to the findings, the granting of prosecutorial powers to the Liberia Anti-Corruption Commission is an indication that the government has improved on corruption and bribery.
The findings also urged the Liberia Revenue Authority to take tougher action on individuals and institutions involved in tax evasion — one of the predicate offences outlined in the national risk assessment report.
In 2010, the Economic Community of West African States (ECOWAS) specialized institution evaluated Liberia and proposed the establishment of the Financial Intelligence Unit now transitioned to the Financial Intelligence Agency.
Also speaking during the closing program of GIABA's onsite visit to Liberia, Emmanuel T. Gee elaborated on a few issues including the transitioning of the Financial Intelligence Unit to the Financial Intelligence Agency of Liberia.
He also expressed appreciation for the onsite visit conducted by GIABA assessors to evaluate Liberia on technical and effective compliance.
Gee said the 10 days of engagements with stakeholders from the public and private sectors in Liberia helped the country to provide narrations about technical and effective compliance to fulfill the second mutual evaluation requirements and other international standards.
“We are hopeful that the initial findings that have been released by GIABA could meaningfully help Liberia to strengthen her fight and prevention strategies against money laundering, terrorist financing, and proliferation financing,” he said.
“We also caution all stakeholders from the private and public sectors in Liberia to continuously adhere to all anti-money laundering, financing of terrorists, and proliferation financing laws and regulations to help give Liberia a positive image and for the protection of the country's financial system.”
Gee renewed calls for coordination and collaboration for all competent authorities and other stakeholders to help promote a culture of compliance, which could benefit Liberia and her economy.