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Liberia has no law on Money Laundering

By Arthur Douglas

(lbsonline/Liberia)-It has been disclosed that Liberia has no law on the book that makes Money laundering illegal.

The Chairman of the Anti Money Laundering and Terrorist Financing Region of Liberia says “criminalizing money laundering is critical to the economic growth and development of the country”.

Deputy Finance Minister for Revenue, Dr. James kollie said: “Liberia is the only country with no law making the act illegal; the situation could scare away investors and invite terrorists”.

He spoke at the opening of the inter-Ministerial and Inter-Agency Committee workshop in Monrovia.

He further said though an Anti Money Laundering Bill is being debated at the National Legislature, more needs to be done to curb the act.

Several stakeholders have gathered to design strategies aimed at making money laundering illegal in Liberia in line with Liberia’s commitment as member of the Financial Action Task Force, and the ECOWAS inter-Governmental regional body GIABA.

Those attending the two day workshop are from the Ministries of Justice, and Finance, Central Bank of Liberia (CBL), as well as representatives from local and International organizations.

 


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