U.S., Liberia launch anti-money laundering effort

The U.S. Department of the Treasury, Office of Technical Assistance (OTA) announced the launch of a joint effort with the Government of Liberia to develop the country’s anti-money laundering and countering the financing of terrorism regime on Tuesday February 23, 2016..

“The United States Treasury’s Office of Technical Assistance has been impressed by the commitment of Liberian counterparts to strengthening their approach to anti-money laundering and countering the financing of terrorism,” said U.S. Treasury Deputy Assistant Secretary for Technical Assistance Larry McDonald. “OTA looks forward to a collaborative and proactive working relationship with our Liberian counterparts to accomplish the important reforms that are needed to improve the fight against money laundering and terrorist financing.

Liberia’s relatively open economy and its need for and pursuit of new foreign investment make it vulnerable to illegal business activities. Liberia currently has limited capacity to address financial crime, and requested technical assistance to counter this vulnerability.

The Government of Liberia has acted quickly on a number of initial steps that will help ensure a successful collaboration, including the establishment of more functional office space for its Financial Intelligence Unit and, with Parliamentary approval, an increase in the operating budget of this important government agency.-Press release