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Govt approves anti-money laundering regulations

Edward Tamba/Joseph T. Koon
The Temple of Justice in Liberia
The Temple of Justice in Liberia

MONROVIA, LIBERIA-The Government of Liberia has approved regulations to curb anti-money laundering and funding of terrorism in the region.

According to the Director General of the Financial IntelligenceUnit (FIU), Alexander Coffie,the regulations were approved by President Ellen Johnson Sirleaf recently.

Mr. Coffie said: “The regulations are intended to streamline cross-border transportation of currencies and other bearer instruments, including checks and money orders.”

“They will also tackle current transaction report aimed at tracing corrupt and suspicious money,” he said. Mr. Coffie said his institution has the statutorymandate to retrieve withholding taxes and corrupt money in Liberia.

He disclosed that the Financial Intelligence Unit is working along with the joint security, including the Police, Immigration, Liberia Revenue Authority (LRA) and National Security Agency to enhance its operations.

The UN Resolutions 1267 and 1373 forbid the funding of terrorist-related groups and seek to prevent money laundering to such organizations.

 


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