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Liberia Takes Major Step in Fight Against Financial Crime by Joining Egmont Group

Monrovia, Liberia - A Significant Move Against Money Laundering and Terrorist Financing

In a significant move aimed at strengthening its efforts against money laundering and terrorist financing, the Republic of Liberia has officially joined the Egmont Group of Financial Intelligence Units. This makes it the 177th member state to do so.

Enhancing Anti-Money Laundering and Counter-Terrorism Financing Frameworks

The country’s Financial Intelligence Agency (FIA) has been accepted as one of the organization’s Financial Intelligence Units (FIUs). This will enable it to share intelligence and resources with its global network in a bid to enhance anti-money laundering and counter-terrorism financing frameworks across its jurisdictions.

A Milestone in Liberia’s Efforts Against Financial Crime

Liberia’s membership in the Egmont Group marks a significant milestone in its efforts to combat financial crime, as outlined in its National Anti-Money Laundering & Countering the Financing of Terrorism and Proliferation Strategy and Action Plan (2022-2025). The strategy aims to strengthen the country’s legal and institutional framework related to anti-money laundering and counter-terrorism financing.

Access to Necessary Resources

According to a 2023 report by the inter-governmental Financial Action Task Force, the establishment of Liberia’s FIA was seen as a positive step towards tackling financial crime. However, the report also highlighted the country’s lack of resources as an impediment to its wider success. The Egmont Group membership is expected to provide Liberia with necessary resources and assistance to bolster its anti-money laundering and counter-terrorism financing efforts.

A Positive Impact on Anti-Financial Crime Efforts

The move comes at a time when several countries are taking steps to strengthen their financial crime-fighting capabilities. Kenya, for instance, has taken measures to remove itself from the Financial Action Task Force (FATF) greylist this year after it was added to the group for its failures to adequately tackle financial crime.

Liberia’s Commitment to Combating Financial Crime

Liberia’s joining of the Egmont Group is a testament to the country’s commitment to combating financial crime and promoting international cooperation in this area. The move is expected to have a positive impact on the country’s efforts to prevent money laundering, terrorist financing, and other related crimes.