New AML bill presented to Liberia’s parliament

Entitled Anti Money Laundering, Terrorist Financing, Preventive Measures, and Proceeds of Crimes Act, 2021, Weah said the bill will enhance measures to address unlawful financing and strengthen Liberia’s financial sector in line with international best practice.

The proposed legislation introduces preventive measures such as assessment and due diligence which are not in the 2012 act.

“Additionally, it will strengthen the recovery of proceeds of crime from individuals and institutions that would abuse laws governing the country’s financial system,” he said.

Local media reported that, despite the previous act creating the Financial Intelligence Unit, money laundering is widespread in the country. As a consequence, there have been calls for amendment or repeal of the 2012 law, with some terming it as weak and ineffective.