By Julius Konton
The Minister of Finance and Development Planning (MFDP), Augustine Kpehe Ngafuan, has called for a borderless, and unified regional response to combat the rising threats of Money Laundering, and Terrorist Financing (MLTF). Ngafuan acknowledged gaps as West Africa struggles with AML/CFT.
He also warned that fragmented national strategies are no longer sufficient.
Ngafuan spoke at the 44th GIABA Public–Private Consultation Meeting.
Mr. Ngafuan challenged West African stakeholders to be proactive, rather than reactive as illicit financial flows continue to undermine economies in the region.
GIABA’s recent assessments reported that West Africa loses over US$50 billion annually to illicit financial activities, placing enormous pressure on governance, security, and development.
“We must build systems that protect our people, and sustain our path toward growth and prosperity,” Ngafuan said.
He disclosed how the government has increased budgetary support to the Financial Intelligence Agency (FIA) as part of a stronger national anti-money-laundering agenda.
As of the MFDP, he added, is also deepening collaboration with the Central Bank of Liberia (CBL) and national law-enforcement agencies to improve detection, supervision, and information sharing.
“We remain committed to create a regulatory environment that balances innovation with robust oversight.”
The consultation, part of GIABA’s ongoing technical support to member states, focuses on addressing persistent weaknesses in the region AML/CFT systems.
Several West African states, including Liberia, are working to improve compliance with FATF Recommendation 15, which governs the regulation and supervision of virtual assets and service providers.
“Our shared vision is clear. Therefore, we must identify gaps, strengthen risk-based oversight, build supervisory capacity, and enhance coordination between public and private sectors.”
Mr. Ngafuan said the ARREST Agenda for Inclusive Development (AAID) directly identifies money laundering, and illicit financial flows as major threats to governance, economic stability, and public trust.
The strategy prioritizes institutional reform, accountability, asset recovery, and anti-corruption efforts.
“It frames the fight against illicit practices as central to strengthen the rule of law.”
Ngafuan reaffirmed Liberia’s commitment to regional cooperation, arguing that the forum demonstrates the country determination to advance financial integrity, while embracing responsible innovation.
The forum was held on the theme: “Risk-Based Supervision of Virtual Assets and Virtual Asset Service Providers.”