Financial Crime World

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Liberia Fails to Address Terrorist Financing Risks

Monrovia, Liberia - A recent evaluation by international experts has revealed that Liberia is failing to adequately address terrorist financing risks in the country.

Evaluation Reveals Shortcomings in Anti-Money Laundering and Counter-Terrorist Financing Framework

The Financial Action Task Force (FATF) conducted an assessment of Liberia’s anti-money laundering and counter-terrorist financing framework, finding that the country had largely or partially complied with only 17 out of 40 recommendations aimed at preventing and combating money laundering and terrorist financing.

Key Areas of Concern

  • Lack of National Cooperation Mechanism: Liberia has failed to establish a robust national cooperation and coordination mechanism to prevent terrorist financing.
  • Inadequate Laws and Regulations: The country’s laws and regulations lack provisions to effectively combat terrorist financing offences.
  • Weak Customer Due Diligence Requirements: Financial institutions in Liberia do not have strong customer due diligence requirements, making it easier for terrorists to finance their activities.
  • Poor Regulation of Non-Financial Businesses: Liberia’s regulation and supervision of non-financial businesses and professions (DNFBPs) is inadequate, allowing them to facilitate terrorist financing.

International Community Expresses Concern

Experts warn that Liberia’s failure to address these risks poses a significant threat not only to national security but also to regional stability.

“We are deeply concerned by the findings of this evaluation,” said a representative of the international community. “Terrorist financing is a global phenomenon, and it requires a concerted effort from all countries to combat.”

Government Pledges Action

The Liberian government has pledged to work with the international community to address these concerns and improve its anti-money laundering and counter-terrorist financing framework.

“We appreciate the support of our international partners in this effort,” said a senior official at the Ministry of Justice. “We are committed to doing everything possible to prevent terrorist financing and ensure national security.”