The Financial Intelligence Unit (FIU) of Liberia has announced the final validation of the National Risk Assessment (NRA) on Money Laundering and Terrorist Financing in Liberia.
The purpose of the NRA is to identify any risks to the country’s AML/CFT regime in order to be able to develop a framework to prevent those risks.
The NRA is to educate Liberia on the risks of ML&TF so that businesses are able to identify, assess and understand these risks and apply a risk-based approach (RBA) to mitigate them using the appropriate resources.
The meeting will bring together the Governing Steering Committee, which includes the Ministry of Justice, the Central Bank of Liberia, the Ministry of Finance and Development Planning, development partners, amongst others.
The technical session will be led by GIABA and Team Leads of the various sectoral groups.
The event is expected to take place at the Calabash Resort in Congo Town from April 29-30,2021.
However, the report will be published immediately after the final validation and be distributed to all stakeholders for the purpose of understanding the risks of their sectors.
During the two days of validation, an action plan will be designed in mitigating the risks identified and to fill in the gaps within the Liberia AML/CTF regime.
The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) established a schedule for Liberia’s completion of the NRA which began in October 2017 and should be completed by March 2019. NRAs are currently being held in 11 African Countries along with Liberia, including Niger, Benin, Burkina Faso and Gambia.