FIA Officer In-Charge Mohammed A. Nasser said Under his administration, the FIA is ready to enforce stringent Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/P) laws and regulations.
Monrovia – To bolster credibility, the Financial Intelligence Agency of Liberia (FIA) has strengthened its ties with the Compliance Officers Forum of Liberia and CEOs of banks operating in the country to combat abuse and misuse of Liberia’s financial system.
Addressing members of the Compliance Officers Forum on Tuesday, June 18, 2024, FIA Officer In-Charge Mohammed A. Nasser emphasized that the FIA is prepared to exercise its statutory power to implement lawful and preventive measures against enablers and launderers who are using the country’s financial system for money laundering and other illicit activities.
According to Nasser, the FIA frowns upon illicit financial activities that tarnish Liberia’s financial system both locally and internationally. Under his administration, the FIA is ready to enforce stringent Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/P) laws and regulations. He stressed that Section 67.3 of the FIA Act would be exercised to regulate reporting entities working with the FIA to minimize and prevent illicit financial activities.
FIA Compliance Manager Bobbi Q. Harris urged reporting entities to continuously conduct risk-based assessments on existing and expected products and services in sectors such as banking, insurance, gaming, and fintech to safeguard the country’s financial integrity. He reminded these entities to adhere to global AML/CFT standards by frequently conducting due diligence for all transactional purposes.
In a related development, Afriland First Bank CEO Robert Nkous proposed continuous training for compliance officers and banking staff on AML/CFT laws, regulations, and best practices. Participating in an interactive meeting organized by the FIA on Thursday, June 20, 2024, Nkous expressed optimism about the potential of Liberian banking staff to perform effectively. He emphasized that frequent capacity development could promote a culture of compliance among reporting entities.
Nkous suggested that the FIA, GIABA, and FATF should redouble their efforts to ensure that AML/CFT compliance officers are properly trained and certified before being elevated to managerial positions. FIA Officer-In-Charge Mohammed A. Nasser welcomed this proposal but referenced the FIA Act of 2021, which mandates banks and other reporting entities to build their staff’s capacities for effective AML/CFT compliance.
Nasser highlighted that Liberia has experienced compliance officers who can be promoted to managerial positions to fulfill international AML/CFT best practices and the FIA Act of 2021. He mentioned that specialized institutions in Liberia have the requisite skills to conduct AML/CFT training as required by law.
Guaranty Trust Bank Managing Director Ikenna Anekwe supported Nasser’s remarks, noting that GT Bank’s Head of Compliance, Sualiho A. Donzo, is performing excellently based on the AML/CFT knowledge he has obtained. If Donzo’s supervisor suggests his promotion to a managerial level, Anekwe indicated it would be accepted by him and GT Bank’s board members.
Meanwhile, the FIA is expected to meet with CEOs and senior managers from the insurance, fintech, gaming, and telecommunications sectors to ensure full compliance with Liberia’s AML/CFT law and other regulatory obligations.
