MONROVIA – The Financial Intelligence Unit of Liberia appreciates the Inter- Governmental Action Group Against Money Laundering in West Africa (GIABA) for restoring Liberia downgraded status over the period of one year. The decision was reached during the just ended 34th Plenary, held in Somone, Senegal from December 4-14, 2020. The Technical Committee recognizes the tremendous progress made by Liberia from November 2019 to present in solving some of the deficiencies in its Anti-Money Laundering regime. With the exit of Liberia from the enhanced expedited reporting process, the Financial Intelligence Unit of Liberia hereby announces Liberia’s automatic removal from itsprevious downgraded status. The FIU believes that most corruption, fraud and bribery cases have been undermined by some insurance companies issuing bonds way beyond their capacity and financial liquidity.

Source: Front Page Africa December 22, 2020 00:11 UTC