MONROVIA – President Joseph Nyuma Boakai, today shared Liberia’s ongoing efforts to combat money laundering, terrorist financing, and illicit financial activities as he delivered opening remarks at the 44th Technical Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
The meeting, hosted at the Farmington Hotel in Margibi County, brought together regional leaders, policymakers, financial intelligence experts, and international partners to discuss strategies to protect West Africa’s financial systems and deepen regional cooperation.
Welcoming delegates to the session, President Boakai noted that the gathering comes at a time when financial crimes continue to evolve, posing challenges to national and regional security.
“The threats posed by money laundering, terrorist financing, organized crime, and illicit financial flows are more complex than ever,” the President said, pointing out that “These challenges distort our financial systems and slow the development our region strives to achieve.”
President Boakai highlighted actions already taken by his Administration to strengthen Liberia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. These include improved legislation, stronger enforcement mechanisms, better coordination among agencies, and an intensified response to drug-related activities that have affected communities in recent months.
He stressed the role of the Financial Intelligence Agency (FIA) in Liberia’s reform efforts, noting that the Agency continues to receive support to ensure it operates with the needed independence, resources, and technical capacity.
“A strong FIA enhances the integrity of Liberia’s financial system and strengthens our standing within the regional and global AML/CFT network,” he stated.
President Boakai also outlined Liberia’s focus on the following priority areas:
• Implementing FATF recommendations;
• Addressing gaps identified during the Mutual Evaluation process;
• Enhancing supervisory oversight across reporting sectors;
• Improving beneficial ownership transparency;
• Strengthening inter-agency cooperation through the Inter-Ministerial Committee and Financial Crimes Working Group;
• Ensuring effective investigation, prosecution, and recovery of assets linked to financial crimes.
He emphasized the importance of regional collaboration, noting that financial criminals do not respect borders.
“Our response must go beyond national boundaries. Sharing intelligence, aligning our legal frameworks, and building joint capacities are essential,” he stated.
President Boakai thanked GIABA for choosing Liberia as the host of the 44th Plenary and recognized the service of outgoing GIABA Director-General Edwin Williams, a Liberian, describing his tenure as impactful and a source of national pride. The 44th GIABA Plenary continues throughout the week with technical sessions, country assessments, and high-level discussions involving member states and international partners.
