CAPITOL HILL, MONROVIA – Liberia’s Chief Executive, President George Weah on Tuesday submitted before the Legislature for enactment into law an anti-money laundering bill. The bill is seeking to repeal the existing ‘Anti Money Laundering and Financing Act of 2012’. I, therefore, your kind and timely consideration to enact into law this important legislation” the President pleaded with the lawmakers. ‘Existing Weak Law’The crafter of the existing law had hope that it would have been an antidote for money laundering and other widespread financial crimes including the illegal accumulation of wealth and financing terroristic activities. However, despite the law and the act creating the Financial Intelligence Unit (FIU), there are reports of widespread money laundering activities in the country.

Source: Front Page Africa July 15, 2021 07:55 UTC