Liberia has been urged to accelerate reforms in its anti-money laundering and counter-terrorist financing regime, as West Africa’s regional watchdog pressed the government to strengthen institutions and recover stolen assets.
Edwin W. Harris, Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), said during a mission to Monrovia that while progress had been made, “much work remains to be done” to bring the country’s financial safeguards up to international standards.
The GIABA delegation, which met with President Joseph Boakai and senior officials, reviewed Liberia’s implementation of recommendations from the Mutual Evaluation Report (MER). Key priorities include asset recovery, empowering the Liberia Anti-Corruption Commission (LACC), and establishing a dedicated financial crimes court.
“Asset recovery is essential if we are to deprive criminals of their ill-gotten gains and deter future crimes,” Harris said, adding that President Boakai had assured him of his administration’s commitment to tackling financial crime and strengthening oversight.
The regional body also called for decentralising the LACC and creating a specialized judiciary to ensure that corruption cases result in “prosecution, conviction, and jail time.”
Liberia’s Financial Intelligence Agency (FIA) echoed GIABA’s concerns. Mohammed A. Nasser, the FIA’s Officer-in-Charge, said the government was working closely with the body to improve compliance, particularly in the gaming and banking sectors. “Our compliance officers are now deployed in the field, ensuring institutions adhere to the FIA Act,” he said.
International partners, including Interpol, the IMF and the World Bank, are expected to support Liberia’s efforts. Membership in the Egmont Group, a global network of financial intelligence units, also enables the country to share data and adopt best practices.
Harris stressed that effective reforms were not only critical for safeguarding Liberia’s financial system but also for reducing reputational risks and attracting credible investment. “By working together,” he said, “we can build resilience against money laundering and terrorism financing, while strengthening investor confidence in Liberia’s economy.”
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