The Liberia Revenue Authority or LRA and the Financial Intelligence Unit (FIU) has jointly issued a regulation on cross border transportation of currency and bearer negotiable instrument consistent with the financial action task force.
LRA Commissioner General Madam Elfrieda S. Tamba, said the purpose of the regulation is to ensure that terrorists and other criminals do not use Liberia to finance their activities or launder proceeds of their crimes thru physical cross border transportation of currency and bearer negotiable instruments.
Commissioner Tamba said for the past time the LRA has been collaborating with stakeholders on the cross border regulation and has arrived at a conclusion that the fix amount of enter and exit money is US$10, 000 in Liberia, adding that she believes the new regulation will help Liberia move forward.
She warned that anyone who refuses to abide by the new regulation will have no other option but to have the money being taking out of the country seized. The LRA boss added that this policy will help the country to be in compliance and as well as attract investors.
Also speaking in Monrovia, the Director and Chief Executive Officer of FIU, Alex Cuffy, said cross border is part of the LRA mandate, clarifying that “This is not stopping anyone from carrying their money but you have to declare the amount of money you are carrying out of the country.”
Mr. Cuffy said it will also serve as deterrence to those who move money in and out of the country, and help arrest criminals coming into the country.
By Bridgett Milton-Editing by Jonathan Browne