Title: Liberia’s Progress Towards Global Anti-Money Laundering Standards: FATF Evaluation 2023
The Financial Action Task Force (FATF) conducted a Mutual Evaluation assessing Liberia’s implementation of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Recommendations. Below are the FATF ratings indicating the extent of Liberia’s adherence to each recommendation.
Liberia Mutual Evaluation 2023
| Recommendation (R) | Rating |
|---|---|
| R.1 (Risk Assessment) | LC (Largely Compliant) |
| R.2 (National Cooperation) | LC |
| R.3 (Money Laundering Offences) | PC (Partially Compliant) |
| R.4 (Confiscation & Provisional Measures) | PC |
| R.5 (Terrorist Financing Offences) | PC |
| R.6 (Targeted Financial Sanctions related to terrorism and terrorist financing) | PC |
| R.7 (Targeted financial sanctions related to proliferation) | NC (Non-Compliant) |
| R.8 (Non-profit organizations) | NC |
| R.9 (Financial institution secrecy laws) | LC |
| R.10 (Customer due diligence) | PC |
| R.11 (Record keeping) | C (Compliant) |
| R.12 (Politically exposed persons) | PC |
| R.13 (Correspondent banking) | LC |
| R.14 (Money or Value Transfer Services) | LC |
| R.15 (New technologies) | NC |
| R.16 (Wire transfers) | PC |
| R.17 (Reliance on Third Parties) | C |
| R.18 (Internal controls & foreign branches and subsidiaries) | LC |
| R.19 (Higher-risk countries) | LC |
| R.20 (Reporting of suspicious transactions) | LC |
| R.21 (Tipping-off and confidentiality) | LC |
| R.22 (DNFBPs: customer due diligence) | PC |
| R.23 (DNFBPs: other measures) | LC |
| R.24 (Transparency and beneficial ownership of legal persons) | PC |
| R.25 (Transparency and beneficial ownership of legal arrangements) | PC |
| R.26 (Regulation and supervision of financial institutions) | PC |
| R.27 (Powers of supervisors) | LC |
| R.28 (Regulation and supervision of DNFBPs) | PC |
| R.29 (Financial intelligence units) | C |
| R.30 (Responsibilities of law enforcement and investigative authorities) | PC |
| R.31 (Powers of law enforcement and investigative authorities) | PC |
| R.32 (Cash couriers) | LC |
| R.33 (Statistics) | C |
| R.34 (Guidance and feedback) | C |
| R.35 (Sanctions) | PC |
| R.36 (International instruments) | LC |
| R.37 (Mutual legal assistance) | PC |
| R.38 (Mutual legal assistance: freezing and confiscation) | LC |
| R.39 (Extradition) | LC |
| R.40 (Other forms of international cooperation) | PC |
FATF Ratings and Liberia’s Progress
The FATF ratings range from Compliant (full adherence), Largely Compliant (substantial adherence), Partially Compliant (limited adherence), and Non-Compliant (no adherence). Liberia’s evaluation provides valuable insights into its progress in countering money laundering and terrorism financing. The ratings will serve as a foundation for the country’s future efforts to meet the global standards in this regard.
Please note that the ratings marked with asterisks `*` are the ones that are both in the headings and in the list, these ratings are rated Largely Compliant (LC) in the given text.