To combat money laundering, Liberia wants strong regional cooperation

In order to fight money laundering, terrorist funding, and other financial crimes, Liberia's Attorney General and Minister of Justice, Cllr. Oswald Tweh, has called for strong regional and international cooperation.

In a recent speech, Minister Tweh spoke at the Monrovia-based Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit. In order to address the existing issues, Cllr. Tweh believes that all attendees of the forum should work closely together and create a strong, united front for regional AML cooperation in West Africa and around the globe. He described this kind of cooperation as essential to safeguarding the economies and societies of every country that is a member of GIABA, the regional organization.

July 22, 2024, to July 25, 2024, was when the three-day conference took place. The Ellen Johnson Sirleaf Ministerial Complex in Oldest Congo Town served as the venue for the conference. Updates to the Financial Action Task Force (FATF) principles and methodology, as well as new threats, were discussed at the summit. More than 150 people attended, including chief compliance officers from financial institutions and heads of financial intelligence units (FIUs), as well as other participants from Europe and West Africa.

With the goal of strengthening capacities for handling changing risks and bringing compliance frameworks into line with current FATF requirements, the summit offers a forum for participants to share insights, create compliance strategies, and investigate possibilities and problems within the AML/CFT framework to promote West African financial security. The forum attendees brought up a number of debate points, such as the FATF's changing requirements, money laundering prevention, West Africa's AML/CFT compliance environments, and methods for improving regulatory frameworks.

The GIABA 2024 West Africa Compliance Summit provides a forum for strategic collaboration and communication amongst various stakeholders, fostering collaboration and strengthening AML/CFT measures. The purpose of the conference was to reduce risks related to money laundering and terrorist financing while also bolstering the financial security of the area.