LIBERIA: REMOVAL FROM DOWNGRADED STATUS FOR AML/CFT BY GIABA

On 21 December, the Daily Observer reported that the FIU has announced Liberia’s automatic removal from its previous downgraded status by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA) – the relevant FATF-style regional body.  This change was said to be was due to the country’s progress in addressing some of the deficiencies in its AML regime.  Liberia is now set to begin preparation for its second round of Mutual Evaluation that will further gauge the country’s technical and effective compliance to the FAFT Recommendations. In November 2019, Liberia had been downgraded by GIABA — meaning it had to report every 6 months, instead of the usual 1 year, on progress made in meeting international AML/CFT standards and requirements.  GIABA is also to launch a major advocacy mission to Liberia early next year to sensitize the authorities in Liberia on the significance of the FIU operations and the passage of key laws to bring Liberia into full and technical compliance with the FATF Recommendations. 

https://www.liberianobserver.com/news/fiu-announces-liberias-removal-from-downgraded-status-by-giaba/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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