FIU REPORT SHOWS LIBERIA IS PRONE TO MONEY LAUNDERING

On 29 September, Front Page Africa reported that the FIU has uncovered that the risks of money laundering in the financial sector and among the ‘Designated Non-Financial Business Professionals (DNFBP) are high, and contained in the National Risks Assessment (NRA) report on ‘Money Laundering and Terrorist Financing in Liberia’.  The NRA report, of which highlights are summarised in the article, is the first of its kind in Liberia, and is poised to provide stakeholders and the world on the risks Liberia faces when it comes to money laundering and terrorist financing.  Now the FIU will launch an AML strategy and action plan on mitigating the risks relating to money laundering in Liberia.  The report named corruption and bribery, illicit drug trafficking and tax evasion, among others, as the most committed predicate offences in Liberia.  The FIU called for a tiered risk-based approach to be adopted in the financial sector.

https://frontpageafricaonline.com/front-slider/financial-intelligence-units-report-shows-liberia-is-prone-to-money-laundering/

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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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