Monrovia, January 9, 2022- Liberia Welcomes US Gov’t’s Support in the Fight Against Anti Money Laundry and Anti Illicit Financial Flow

The Government of Liberia (GOL) has lauded the United States Government for the level of technical and financial support it has given Liberia in the fight against Money laundering and Illicit financial flow, a statement from the Ministry of Information said on Friday, January 7, 2022.

The US Embassy near Monrovia in a recent post published, applauded the actions of the Financial Intelligence Unit of Liberia (FIU) in curbing Illicit Financing in the Country.

In the statement titled: Commending the Actions of the Financial Intelligence Unit of Liberia to Curb Illicit Finance, the U.S. Embassy wrote: “We applaud the actions of the Financial Intelligence Unit of Liberia in its designation of Korlane Investments Liberia LLC as a high-risk money laundering shell company. This is a courageous step forward for Liberia in the fight against transnational money laundering. We also commend the Inter-Ministerial Committee for approving these actions,” the US Embassy wrote.

Recognizing corruption’s ability to corrode democracy, on June 3, 2021, President Biden established the fight against corruption as a core U.S. national security interest. The U.S. Strategy on Countering Corruption, released in December 2021, names curbing illicit financing as an essential pillar: “Corrupt actors and their facilitators rely on vulnerabilities in the United States and international financial systems to obscure ownership of assets and launder the proceeds of their illicit activities.”

The statement further said GOL welcomes the commendation from the United States Government through the US Embassy for Liberia’s recent designation of Korlane Investments Liberia LLC as a high-risk money laundering shell company.

The statement assured its American Counterparts, especially the US Treasury which strongly supports Anti- Money Laundering and Anti-illicit Financial Flows processes (AML-IFF) in Liberia, and GIABA, the ECOWAS body dealing with AML- IFF issues, of Liberia’s robust commitment to transforming THE AML

“We will do so not only through strengthened legislation and other regulatory frameworks but also through proactive stances against individuals and institutions engaged in this highy unlawful and criminal.enterprise,” the dispatch read.

The Government said it is determined to increase its support to the FIU to coordinate much better through the Inter- ministerial Committee comprising the Ministries of Finance and Development Planning and Justice, as well as the Central Bank of Liberia.

As a Government, we note that this is only the beginning. We will follow through with more account freezes and prosecutions. The FIU is being fitted with the highest capacity and technology to counter AML-IFF.

The Government equally remains committed to the broader fight against corruption. We are strengthening the capacity of Liberian Anti Corruption Commission, (LACC) the General Auditing Commission (GAC) and the Internal Audit Agency (IAA). Financial support for these institutions will go more towards the prevention of fraud, and granting stronger prosecutorial power to the LACC than it has had in recent years.

The LACC is presently conducting a graft risk assessment at all Government Ministries and Agencies to better situate entities to fight fraud, waste and abuse.

The Liberian Government is more than ever committed to improving governance in 2022 and solicit support and encouragement from all our partners.