The Financial Intelligence Agency (FIA) of Liberia convened a pivotal meeting with the Liberia Bankers Association (LBA) at the FIA’s offices, marking a significant step towards fostering collaboration and addressing critical issues within the financial sector.
The meeting, held on January 24, 2024, brought together key stakeholders, including Presidents, CEOs, and senior officers of various banks and financial institutions.
Discussions during the meeting centered on a range of topics aimed at enhancing regulatory compliance, mitigating risks, and promoting financial transparency. Among the issues discussed was the handling of business relationships with politically exposed persons (PEPs) who have been sanctioned, prompting a call for guidance from regulatory bodies, including the FIA.
Participants also explored the importance of regulatory compliance and risk assessment in approving new products and services. There was a mutual acknowledgment of the need for clear directives and effective communication channels between regulatory bodies and financial institutions to ensure seamless operations and adherence to industry standards.
Confidentiality emerged as a key concern, with participants underscoring the importance of data protection and advocating for full digitization to enhance transparency and security in financial transactions.
Additionally, the meeting addressed the necessity of a national payment switch and the importance of engaging with the judiciary to expedite cases related to debt at the Commercial Court.
In response to the concerns raised, the Director General of the FIA reiterated the agency’s unwavering commitment to fostering partnerships and enhancing stakeholder engagement. The FIA Director emphasized the pivotal role of regulatory compliance, confidentiality, and capacity-building initiatives in safeguarding the integrity of Liberia’s financial system.

Moving forward, both the FIA and LBA affirmed their commitment to maintaining regular communication and exploring collaborative initiatives aimed at addressing emerging challenges and promoting financial integrity in Liberia.
The success of the meeting underscores the collective determination of the FIA and LBA to uphold the highest standards of integrity within Liberia’s financial sector, thereby advancing the nation’s economic interests.
Those present in the meeting included Mr. Stanley S. Ford, Director General, Financial Intelligence Agency (FIA), Mr. Henry F. Saamoi, Chief Executive Officer, International Bank Liberia Limited (IB), Mr. Christian N. Allison, President, Liberian Bank for Development and Investment (LBDI), Mr. Prince Saye, Executive Director, Guaranty Trust Bank (Liberia) Limited (GT), Mr. Chris Osisiogu, Executive Director/COO, Bloom Bank (Liberia) Limited among others.