Liberia Commits to Combat Financial Crimes -As GIABA Ends 44th Plenary

By: H. Matthew Turry

MONROVIA – Liberia has reaffirmed its unwavering dedication to strengthening Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFT/PF) regime as The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) concluded its 44th Plenary Conference in Monrovia, Liberia, on Monday, November 24, 2025.

The week-long activities, including the 4th Public–Private Sector Consultative Forum, focused on the critical theme: “Risk-Based Supervision of Virtual Assets & Virtual Assets Service Providers (VASPs).”

Key aspects of this commitment, as expressed by Minister of Finance and Development Planning Augustine Kpehe Ngafuan and the Officer-in-Charge of the Financial Intelligence Agency (FIA) Mohamed Nasser, include,Liberia’s development plan, the “Resolution for Inclusive Development,” explicitly identifies money laundering and illicit financial flows as critical threats, framing the fight against them as essential for strengthening the rule of law, actively working to strengthen its Financial Intelligence Agency (FIA) and other integrity institutions to deter and detect illicit flows. This includes increased budgetary support (as declared in the new FY-2026 draft budget) and enhanced coordination between the Ministry of Finance, the Central Bank, and Law Enforcement.

Minister Ngafuan said Liberia is initiating work on a legal framework to regulate and supervise Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) to align with international AML/CFT obligations, recognizing the need to balance innovation with financial integrity. He pledged that Liberia would not only participate in these dialogues but would “lead with purpose,” adopting a proactive and strategic approach to combating financial crime.

He Liberia’s commitment has resulted in tangible achievements, such as the admission of Liberia into the Egmont Group of Financial Intelligence Units in the previous year.

The GIABA 44th Plenary and its associated forum centered heavily on addressing the evolving risks posed by virtual assets and the general weaknesses in the region’s AML/CFT framework.

The main objective of the consultative forum, organized in collaboration with the African Development Bank (AfDB), was to strengthen the capacity of stakeholders for the effective implementation of the FATF Recommendation 15 (R.15), which extends global AML/CFT standards to VAs and VASPs.

GIABA Director General Edwin W. Harris noted that VAs/VASPs pose a serious concern due to anonymity and ease of cross-border transactions, allowing criminals to launder proceeds of crime.

The outcomes of GIABA’s 2nd round of mutual evaluations show a fundamental challenge with R.15 implementation. 16 out of 17 assessed member states were rated Non-Compliant (NC) or Partially Compliant (PC) due to deficiencies in risk assessment, regulation, and supervision of VASPs.

Participants said addressing these gaps requires close collaboration between the public and private sectors to ensure the virtual asset ecosystem is safe, transparent, and resilient.

According to information garnered from the conference, a key function of the Plenary was to review the progress of member states in meeting international AML/CFT standards. On the agenda were the Follow-up Reports (FURs) of the second cycle of mutual evaluations for states such as Mali, Niger, Guinea, and Sierra Leone.

The plenary’s proceedings aimed to examine progress, interrogate challenges, and agree on practical steps to reinforce institutional effectiveness, including enhanced information sharing and stronger supervisory mechanisms.

Discussions were also held on updating the report on the typology of money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks related to trade, and adopting the Operational Manual for Member States’ Financial Intelligence Units (FIUs).

The conference coincided with the celebration of GIABA’s 25th Anniversary (Silver Jubilee), marking a quarter-century of dedicated service to combating financial crimes in West Africa.