Liberia

New Documents

OECD Publishes Supplementary Phase 1 Report on Tax Transparency in Liberia

The Organisation for Economic Co-operation and Development published a supplemental report to its Phase 1 peer review concerning Liberia’s adherence to the international standard for tax transparency and the automatic exchange of tax information.

July 26, 2016

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

The Inter-Governmental Action Group against Money Laundering in West Africa noted that the Ebola virus has had a negative impact on the anti-money laundering regimes of Guinea, Liberia and Sierra Leone since it reduced the government budgets each nation allocated for their compliance programs.

May 23, 2015

GIABA Organizes Training Session for Liberian FIU Officials

April 1, 2014

UN Security Council Deletes Individual Off Liberia Sanctions List

December 3, 2013

GIABA: Liberia Lacks Asset Freezing Procedures for Terrorist Financing Funds

May 5, 2011

News

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

U.K. law firm fined for customer due-diligence breaches, Germany targets suspicious property transactions, and more, in the midweek roundup.

September 9, 2020

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

JAK Medlemsbank hit with AML fine in Sweden, Belgium accuses ING of facilitating money laundering, and more, in the weekly roundup

June 19, 2020

Weekly Roundup: UK Bank Investigated for Terrorist Financing, Huawei Discussed Iran Links with Citigroup and BNP Paribas, and More

August 23, 2019

Weekly Roundup: Chinese Banks to Risk-Rank Clients, Ex-French President Sarkozy Accused of Corruption, Money Laundering, and more

April 19, 2013

Expected Trial of Alleged Arms Dealer Will Bring to Light U.S. Financial Dealings

September 15, 2010

Enforcement Actions

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. 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. Liberia's FIU reported that it submitted 40 suspicious transaction reports to law enforcement in 2019, but there were no prosecutions or convictions for money laundering.

Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical	Effectiveness
Compliant : 0	High :
Largely Compliant : 0	Substantial :
Partially Compliant : 21	Moderate :
Non-Compliant : 28	Low :

BASEL i

Rank : 29/141

Score : 6.25/10

TRANSPARENCY INTERNATIONAL i

Rank : 137/180

Score : 28/100

Tax Justice Network i

Rank : 111/133

Score : 78/100