Speaking Friday, November 1, 2019 at his induction ceremony at the Central Bank of Liberia in Monrovia, Mr. Edwin Harris, said FIU has now reached a new level that will see non-compliant institutions be met with the laws and authority of the FIU.
He said in keeping with the FIU law, the institution will go after the proceeds of crimes derived from predicate offenses.
“It is the time that the FIU activate its sanctions and other administrative policies in preventing the dual crimes of money laundering and terrorist financing,” said he asserted.
“The FIU over the next five years will go beyond reporting entities in looking at beneficial owners hiding behind both legitimate and shell companies in disguising the proceed of crimes. We will expand and bring into regulations real estate especially construction companies who will now be allow to disclose ownerships of infrastructures under construction,” Harris pointed out.
In keeping with the institutional mandate of FIU, he vowed that the entity will fearlessly go after properties that are suspected to be proceeds of crimes.
“Going forward, cooperating with the FIU upon request in keeping with law will be in the best interest of all for amicable resolutions as the law provide remedies for those who will not cooperate, whereby the full exercise of the FIU’s statutory mandate will be used at full extent,” the FIU boss furthered.
However, in a bid to achieving these significant milestones, Harris called on all stakeholders to work together collaboratively in preserving the integrity of the financial system by disallowing criminals contaminating the system though laundering their money derived from crimes and using the system to support terroristic tendencies.
He explained that FIU will be amending the Suspicious Transaction Activity Report and Currency Transaction Activity Report Regulations of 2016 for Financial Institutions in keeping with section 4. 1 of the regulation that empowers the institution.