Nigeria, Congo FIUs intensify mentoring for FIA Liberia Egmont Group Membership

Nigeria and Congo, two West African countries’ Financial Intelligence Units ( FIUs) are presently mentoring Liberia’s Financial Intelligence Agency (FIA),  as the country undergoes intensive preparation to be admitted as a member of Egmont Group.

Marking brief remarks on Monday, October 3, 2022, at the FIA-Liberia headquarters,  Mr. Muhammad Jiya, Associate Director of Analysis and Compliance  Directorate of the Nigerian Financial Intelligence Unit, elaborated that the mentoring five days visit to Monrovia is intended to put Liberia on the global stage to be informed about current issues and events about ways to tackle money laundering, financing of terrorist, and proliferation financing, which pose serious threats to all countries economies.

According to Jiya who is also the Vice Chairperson on Information Exchange Working Group of Egmont Group of Financial Intelligence Units, they are presently brainstorming with FIA-Liberia about getting relevant laws, regulations and other required documents that are supportive to help Liberia meet the requirements to be granted membership with Egmont Group.

He mentioned that FIA-Liberia cannot be more functional on the global stage if Liberia is not a member of Egmont Group that serves as a platform for the exchange of information to fight money laundering, financing of terrorist and proliferation financing.

The Nigerian FIU official intoned that Liberia’s admittance has the propensity to add integrity to the country’s financial system,  boast and protect  Liberia’s economy.

“ It will also promote international cooperation and allow Liberia to access instant information and easily communicate with other Financial Intelligence Units in almost all parts of the world, “ he pointed out.

Mr. Jiya added that Liberia’s admittance will also help the country to criminalize money laundering and other predicate offenses or crimes.

Also making brief remarks, Mr. Emmanuel T. Gee, FIA-Liberia Officer-In-Charge stressed that Liberia has passed and signed into law a few iconic laws such as the Witness Protection Act of 2021, Whistleblower Act of 2021, Anti-Money Laundering, Terrorist Financing, Preventive Measures and Proceeds of Crime Act, which are gigantic anti-graft achievements of Liberia.

“ The passage of two Acts/ Laws that give Financial Intelligence Agency Operational and Financial Independence, coupled with direct prosecutorial power to the Liberia Anti-Corruption Commission, are concrete steps in the fight against money laundering, financing of terrorist and proliferation financing,” he pointed out.