Liberia Liberia

New Documents

GIABA Mutual Evaluation of Liberia Finds Low Levels of AML/CTF Effectiveness

The Intergovernmental Action Group against Money Laundering in West Africa published a mutual evaluation report covering the anti-money laundering and counterterrorist financing regime of Liberia.

August 7, 2023

Liberia FIU Urges DNFBPs to Comply with AML Requirements

The Financial Intelligence Unit of Liberia issued a press release urging anti-money laundering compliance in the insurance sector and other areas.

November 10, 2021

OECD Publishes Supplementary Phase 1 Report on Tax Transparency in Liberia

July 26, 2016

GIABA Discusses Effect of Ebola Virus on AML Efforts in West African Nations

May 23, 2015

GIABA Organizes Training Session for Liberian FIU Officials

April 1, 2014

News

Midweek Roundup: Russian Superyacht for Sale, Conmen Sold Victims Antarctica Passports, And More

Former Malaysian prime minister begins 1MDB Prison Term, FATF gives high marks to the Netherlands, and more, in the midweek roundup.

August 24, 2022

Midweek Roundup: Former Swedbank CEO Faces Criminal Charges, NatWest’s Problems Grow, and More

UAE faces FATF gray-listing, Japanese lenders boost monitoring of global trade, and more, in the midweek roundup.

January 5, 2022

Midweek Roundup: DFS Reminds Cryptocurrency of AML Rules, Indicted Compliance Officer’s Work History Aligns with Prior Violations, and More

June 9, 2021

Midweek Roundup: EU Probes Visa’s Fintech Controls, Mishcon de Reya Law Firm Under UK Investigation, and More

September 9, 2020

Weekly Roundup: Wirecard Chief Resigns After $2 Billion Goes Missing, Head of Swiss FIU Leaves Post, and More

June 19, 2020

Enforcement Actions

Liberia FIU Fines Access Bank Liberia Limited LD$500,000 for Breaching Suspicious Transaction Reporting Rules

The Financial Intelligence Unit of Liberia has imposed a fine of LD$500,000 on the Sinkor Monrovia, Liberia-based financial institution for failing to meet requirements under the regulation on Suspicious Transaction Reporting for Financial Institutions that are operating in the country.

June 11, 2021

Liberia FIU Fines Afriland Bank $250,000 LRD for CTR Violations

The Financial Intelligence Unit of Liberia penalized Afriland Bank $250,000 LRD for violations related to currency transaction reporting procedures.

June 18, 2020

Key Documents

Liberia Adds Money Laundering Offense to Penal Code

January 8, 2002

Liberian Regulator Issues KYC Regulations for Banks

October 14, 2005

Liberia Sets Reporting Requirement Thresholds for Foreign Currency Banknotes

November 23, 2001

Liberia Regulates Foreign Currency Transfers

November 23, 2001

Liberia Issues Registration Requirements for Money Remitters

July 1, 2004

Important Facts

  • The U.S. State Department classifies Liberia as a major money laundering country. Generally, financial institutions in the country have limited capacity to detect money laundering and their financial controls remain weak. In addition, the Central Bank of Liberia does not robustly enforce anti-money laundering requirements and Liberia's financial intelligence unit is underfunded and lacks the technical capacity to collect, analyze, and disseminate financial intelligence. These factors are compounded by Liberia’s cash-based economy and weak border controls, which facilitate the smuggling of illicit goods through the country's porous borders. Although the 2020 COVID-19 outbreak resulted in limited land border crossings, the smuggling of goods remained an issue. Corruption is endemic, increasing the jurisdiction’s vulnerability to illicit crimes. Money exchange operations are poorly controlled, and there are various unlicensed foreign exchange sites and unregulated entities whose opaque activities raise concern. The jurisdiction’s artisanal diamond and gold mines are largely unregulated and difficult to monitor, and there is little oversight over the two casinos operating in the nation. In 2020, the Central Bank of Libera adopted robust monitoring and surveillance procedures to ensure that financial institutions adhered to AML/CTF laws; however, money laundering investigations were hampered by limited capacity, political interference, corruption, weak judicial institutions, among other issues.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 3 High : 0
Largely Compliant : 15 Substantial : 0
Partially Compliant : 19 Moderate : 1
Non-Compliant : 3 Low : 10

BASEL i

Rank : 29/141
Score : 6.25/10

TRANSPARENCY INTERNATIONAL i

Rank : 137/179
Score : 28/100

Tax Justice Network i

Rank : 111/133
Score : 78/100