FIU Begins Anti-Money Laundering Workshop

By Antoinette Sendolo
The Financial Intelligence Unit of Liberia (FIUL) in collaboration with the United States Embassy has embarked on a two-day training workshop on Anti-Money Laundering and combating Financing of Terrorists in Liberia.
The training workshop which was held in the Banquet Hall of the Supreme Court of Liberia brought together several reporting institutions and other relevant institutions.
The Financial Intelligence Unit of Liberia Anti-Money Laundering and combating Financing of Terrorists Workshop aims at creating awareness and enlightening the minds of participants on their roles in eliminating money laundering in the country.
Speaking during the opening of the workshop, Cllr. Augustine Fayiah said the training is important and timely because Liberia is at the crossroads in its economy and as such more attention needs to be paid in the struggle against money laundering.
He said money laundering poses serious threat to the economic sector of Liberia adding that the struggle against money laundering is not to be done single-handedly.
Cllr. Fayiah noted that the purpose of the Financial Intelligence Unit of Liberia will not be achieved with out proper coordination stressing that it takes collaborative efforts to make reality the goals of the FIUL.
He urged participants to practice what they were taught by bringing perpetrators of money laundering to book in order to end such act in the country.
Also speaking, the Ambassador of the United States accredited near Monrovia, Madam Deborah Malac, noted that Anti-Money Laundering (AML) and Combating Financing of Terrorists (CFT) are keen to the advancement of Liberia’s economic system.
She noted that banking and financing help to improve the economic system of every country and as such, people should not give credence to criminals who may want to corrupt the system.
Amb. Malac added that if Liberia must succeed in the struggle against money laundering and financing of terrorists, people must understand the danger it poses to the society and bring those involved to justice.
Speaking to a team of journalists, the Chief Executive Officer of the Financial Intelligence Unit of Liberia, Mr. Alex Cuffy, said the number one goal of the FIUL is to protect the financial system of Liberia from abuse of financial crimes for the enhancement of national, regional and global peace and economic stability.
He named lack of laws and regulations as major challenges faced by the Financial Intelligence of Liberia adding, “This is a huge task and it takes collaboration and proper coordination to help us succeed”.
Mr. Cuffy asserted that though there are challenges faced by the FIUL but they remain committed in ensuring that money laundering is brought to an end in Liberia.
Meanwhile, the Financial Intelligence Unit of Liberia training workshop on anti-money laundering and combating financing of Terrorists continues today with the judiciary and other laws enforcement institutions.

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