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LIBERIA’S BANKING SECTOR ROCKED BY FRAUDULENT ACTIVITIES, CENTRAL BANK GOVERNOR WARNS

Banking Sector Fraud Raises Concerns

December 12, 2017: The Governor of the Central Bank of Liberia (CBL), Milton A. Weeks, has sounded a warning about the alarming rate of fraudulent activities in the country’s banking sector. In an address to the Central Bank of Liberia Staff Association (CEBSA), Governor Weeks expressed concern that honesty at banks is being questioned and urged stakeholders to take immediate action to curb the malpractices.

Fraud, Corruption, and Criminal Activities Exposed

According to sources, Governor Weeks highlighted instances of fraud, corruption, and criminal activities within the banking system, vowing that such acts will not be tolerated. He also acknowledged the country’s economic difficulties but expressed hope for a turnaround in 2017 if all stakeholders work together.

Commitment to Reform Measures

The CBL Executive Governor reiterated his commitment to reform measures being implemented, urging personnel of the banking sector to support the process guided by transparency, fairness, and honesty. “With your support, I pray that you will join us in this effort to completely change this situation,” he added.

Collaboration between CBL and Commercial Banks

In related remarks, Liberia Bankers Association President John Davies welcomed the collaboration between the CBL and commercial banks, promising continued cooperation to promote the banking sector. He also called for regular interactions among personnel to enhance smooth work relations.

Support from CEBSA President

The Central Bank of Liberia Staff Association (CEBSA) President Matthias D. Cooper praised Governor Weeks’ cordial working relationship with the association, assuring him of their support in achieving the CBL’s reform agenda.

Governor’s Cup Tournament Awards

Meanwhile, trophies and awards were presented to banks participating in the Governor’s Cup tournament, which featured football, basketball, and kickball teams from commercial banks operating in the country. Guaranty Trust Bank won the football trophy, while the Central Bank of Liberia claimed the basketball title and Afriland First Bank of Liberia took home the kickball trophy.

Contact Information

Contact: Cyrus Wleh Badio, Head of Communications, Central Bank of Liberia Email: cwbadio@cbl.org.lr / wlevan1000@yahoo.com