By: Julius Konton
President Joseph Nyuma Boakai has reaffirmed Liberia’s commitment to tackling money laundering, terrorist financing, and illicit financial flows.
He made the remarks at the official opening of the 44th Technical Plenary Meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)taking place in Liberia.
The high-level regional gathering brings together policymakers, financial intelligence experts, security officials, and regulators from across ECOWAS to review progress and update strategies against financial crimes.
The week-long meeting comes at a time when West Africa continues to lose an estimated US$50 billion annually to illicit financial flows, according to regional and global financial monitoring bodies.
GIABA’s latest assessments indicate that money laundering-related crimes in the region have increased by at least 30% over the past five years, driven largely by terrorism financing, cybercrime, drug trafficking, and cross-border fraud.
President Boakai said Liberia which has faced its own challenges with illicit drugs and organized crime, used the opening session to highlight major reforms aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
Speaking at the opening session, President Boakai emphasized that his government efforts to combat financial crimes stem from national priorities rather than foreign obligations.
“Our commitment is rooted in the desire to safeguard our financial system, protect our people, and uphold accountability and good governance,” he added.
He told the delegation that over the last year, Liberia has intensified reforms to align with international FATF standards, strengthened inter-agency collaboration, and closed systemic gaps particularly in the fight against the trafficking and sale of illicit drugs, which authorities say surged significantly in recent months.
In a move to strengthening the Financial Intelligence Agency, President Boakai stated that a central focus of Liberia was the empowerment of the Financial Intelligence Agency (FIA), which is responsible for receiving, analyzing, and disseminating financial intelligence.
He indicated that his Government pledged continued support to ensure the FIA has full operational independence, enhanced investigative tools, digital tracking capabilities, and uninterrupted funding.
“A strong FIA directly strengthens Liberia’s financial credibility within regional and global AML/CFT communities,” the Liberian leader reechoed.
He also informed the body that Liberia reaffirmed several commitments to GIABA, including:
Full implementation of all FATF recommendations
Addressing gaps identified in the Second Round of Mutual Evaluation
Strengthening supervisory frameworks across financial and non-financial sectors
Improving Beneficial Ownership transparency, a major global push since 2022
Enhancing inter-agency collaboration through a fully functional Inter-Ministerial Committee and Financial Crimes Working Group
Ensuring effective investigations, prosecutions, and asset recovery
Maintaining compliance with regional and international AML/CFT standards.
President Boakai emphasized that financial criminals do not respect borders, urging West African nations to deepen intelligence sharing, harmonize laws, and invest in joint capacity building.
Cyber-enabled financial crime is now one of the fastest growing threats in the region received special attention, alongside the emerging danger of proliferation financing and the misuse of digital currencies.
“Our region can only succeed when we work together. Organized criminal networks operate across borders, and our cooperation must transcend those borders as well”, he noted.
President Boakai used the ocassion to also paid tribute to Edwin Williams, a Liberian national whose tenure at GIABA is expected to end during the plenary.
“You have been a great ambassador for Liberia. Your expertise will continue to be needed here at home,” he said.
At the same time , President Boakai call for unity across West Africa’s financial and governance institutions:
“Together, we protect our economies, strengthen our democracies, and secure a safer future for our people. Our shared efforts today will determine the security and stability of West Africa tomorrow.”
Among other things, the 44th GIABA Plenary is expected to produce updated recommendations, assessments, and regional strategies to bolster the fight against financial crimes across ECOWAS.