NATIONAL NEWS
MONROVIA – The Central Bank of Liberia (CBL) and the Financial Intelligence Agency (FIA) have signed a joint directive introducing enhanced customer due diligence measures for financial institutions, a move aimed at safeguarding Liberia’s financial system from money laundering, terrorist financing, and other illicit activities.
The signing ceremony on Monday was attended by key officials, including Central Bank Executive Governor Henry F. Saamoi and FIA Officer-in-Charge Mohammed Ali Nasser.
Governor Saamoi described the directive as a decisive step toward strengthening the credibility and resilience of Liberia’s financial sector.
By: Staff Writer
“Today marks another important milestone in our collective effort to strengthen the integrity, resilience, and global credibility of our financial system,” Governor Saamoi said. “This directive is not merely a regulatory instrument. It is a firm statement of our shared commitment to combat financial crimes, protect our financial sector, and safeguard the stability of our nation’s economy.”
Governor Saamoi emphasized that as Liberia’s financial landscape grows in size and complexity, so do the risks posed by illicit financial flows.
He stressed that compliance is no longer optional but a strategic necessity that affects Liberia’s competitiveness, access to global markets, and public trust in financial institutions.
The directive mandates stricter verification of beneficial ownership, enhanced scrutiny of politically exposed persons, risk-based monitoring of complex and cross-border transactions, improved record-keeping and reporting standards, and stronger collaboration between financial institutions and regulatory authorities.
“Safeguarding the financial system is not the responsibility of regulators alone,” Saamoi added. “Compliance must be embraced as a culture, a mindset, and a professional standard.”
FIA Officer-in-Charge Nasser highlighted that the directive addresses critical gaps identified in international anti-money laundering (AML) and counter-terrorist financing (CFT) assessments.
“This signing process is very important for the country,” Nasser said. “We will be addressing key recommendations on customer due diligence, which are essential to strengthening our AML/CFT framework. Weak due diligence creates opportunities for illicit actors to exploit our financial system, and this directive helps close those gaps.”
Both the CBL and FIA pledged to maintain close cooperation to ensure the effective implementation of the directive, signaling a new era of enhanced oversight, transparency, and financial security in Liberia.
