President Joseph Nyuma Boakai, has issued a formal proclamation endorsing the revised National Strategic Action Plan (2024-2028) to combat money laundering, terrorist financing, proliferation financing, and illicit financial flows, establishing the framework as the country’s official roadmap for addressing critical financial system vulnerabilities.
The action plan, covering the period 2024–2028, was developed by the Inter-Ministerial Committee in coordination with the Financial Intelligence Agency of Liberia (FIA) and national stakeholders. It is designed to resolve deficiencies identified in Liberia’s Second Round Mutual Evaluation Report and to strengthen the nation’s institutional capacity and compliance with international standards.
In the proclamation, the President recognized that illicit financial flows and related financial crimes pose a serious threat to Liberia’s national security, economic development, and rule of law. As a state party to the Financial Action Task Force (FATF) Recommendations, the ECOWAS Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, and African Union obligations, Liberia is committed to aligning its domestic efforts with global and regional requirements.
The strategic plan provides a national roadmap focused on four key areas: improving legal and regulatory frameworks, strengthening inter-agency coordination and cooperation, enhancing transparency within the financial system, and ensuring effective investigation, prosecution, and deterrence of financial crimes.
Under the terms of the proclamation, all relevant ministries, agencies, and institutions are directed to support and implement the action plan, with progress reporting to be coordinated through the Financial Intelligence Agency and the Inter-Ministerial Committee. The President also invited international partners, financial institutions, and civil society actors to collaborate with the government in achieving the plan’s objectives.
Officials described the endorsement as a critical step toward safeguarding national security, protecting economic sovereignty, and reinforcing the integrity of Liberia’s financial system.
In a related development, an ADDENDUM is attached that highlights the role of the Financial Intelligence Agency of Liberia in advancing the ARREST Agenda for Inclusive Development. An analysis of governance and anti-corruption reforms are critical to sustainable development in Liberia, yet challenges such as weak oversight, corruption, and illegal financial activities continue to undermine public trust and hinder inclusive growth. The national development framework, the Arrest Agenda for Inclusive Development (2025–2029), prioritizes strong institutions as the foundation for economic transformation.
This addendum outlines how the Financial Intelligence Agency of Liberia (FIA) supports the Governance and Anti-Corruption section of the ARREST Agenda through five key areas:
- Strengthening Governance and Accountability: The FIA collaborates with government bodies to enhance public financial management and promote ethical behavior.
- Enhancing Financial Transparency: By enforcing strict measures against financial crimes, the FIA builds trust in the financial system, attracting investment needed for inclusive growth.
- Strengthening Rule of Law and Enforcement Capacity: The FIA shares financial intelligence with law enforcement agencies, leading to investigations, prosecutions, and convictions that reinforce justice.
- Enhancing Inter-Agency Coordination: Through partnerships with various organizations, the FIA strengthens legal frameworks and ensures consistent implementation of governance strategies.
- Risk Assessment: The FIA leads national and sectoral risk assessments to identify vulnerabilities related to money laundering, terrorist financing, and other financial crimes, ensuring compliance with global standards.
In conclusion, the FIA plays a vital role in advancing the ARREST Agenda by combating financial crimes, fostering transparency and cooperation, and building institutional capacity to create an environment where inclusive development can thrive.
