NAFEBOL Welcomes Pres. Weah’s Submission of Anti-Money Laundering Bill to Lawmakers

NAFEBOL President, Nimely Sayeh

The National Association of Foreign Exchange Bureau of Liberia has welcomed the recent submission of the Anti-Money Laundering Bill submitted by President George Weah to the National Legislature. 

The Bill submitted by the Liberian leader aims to repeal the existing ‘Anti Money Laundering and Financing Act of 2012.’

It also meant to address and make robust the money laundering and terrorism financing by adding thereto preventive measures such as assessment and due diligence which are not addressed in the 2012 act.

A NAFEBOL release issued in Monrovia Monday, reveals that considering the importance of the bill, the organization believes its submission by the Liberian leader to the Legislature demonstrates his willingness to fight money laundering, terrorist financing as well as strengthening the country’s financial sector. 

The group said that as an organization that has long pushed for the repealing of the 2012 Money Laundering and Terrorist Financing Act, it now notes with strong conviction that President Weah’s recent decision to submit a bill to repeal the existing law clearly shows that his government is willing to effectuate check and balance system in all financial transactions across the country. 

The NAFEBOL release quotes its President Nimely Sayeh as describing the Liberian leader's move as laudable and the beginning of real change in the financial sector of the country.  

Meanwhile, the NAFEBOL President has called on members of the Legislature to see the need to speedily pass the Anti-Money Laundering Bill, stating that the act is truly nationalistic. 

“We at NAFEBOL appreciate President George Weah for submitting this latest bill to the Legislature. We see this as a boost in the fight against money laundering and terrorist financing in Liberia. NAFEBOL is extremely grateful to you Mr. President,” Nimely Sayeh asserts. 

He said when passed into law, NAFEBOL stands ready to work with the Government of Liberia in the implementation of the Money Laundering and Terrorist Financing law in the country.