-To Combat Financial Crimes, Corruption, promote good governance
In what has been described as a major watershed in collaborative efforts by government institutions towards a common cause, three(3) integrity institutions of government, the Financial Intelligence Authority(FIA), the Liberia Anti-Corruption Commission(LACC), and the Liberia Extractive Industries Transparency Initiative(LEITI) have formalized a working agreement aimed at fostering collective efforts to combat financial crimes, corruption in all forms and promote good governance in the country.
The institutions that are in the vanguard of ensuring integrity in governance as per their statutory functions took the bold initiatives on January 24, 2024, when their respective heads met to compare notes on their activities and how best they could align their work into a combined front against corruption and other crimes that affect the country.
According to a press release issued at the end of their meeting, the primary objective of the collaborative initiative is “to combine the strengths, resources, and expertise of the FIA, LACC, and LEITI in a unified front against money laundering, corruption, and other financial crimes”.The release further said by working together, entities aim to enhance efficiency, streamline processes, and strengthen their collective impact on ensuring integrity and transparency within Liberia.
The release furthered the key highlights of the synergy including a commitment to a unified and collaborative approach in addressing financial crimes and corruption, acknowledging that these issues require coordinated efforts for effective solutions, the collaboration to encourage the sharing of information and intelligence among the FIA, LACC, and LEITI, fostering a more comprehensive understanding of financial activities and potential risks and the third highlight was that the entities will explore joint initiatives and projects that leverage their respective strengths, contributing to Liberia’s financial system’s overall integrity and stability.
Speaking at the end of the meeting during which the agreement was signed, the three heads of the institutions who were visibly excited about the outcome spoke from their respective perspectives and expressed optimism that the new arrangement would bolster their work and improve productivity.
“This collaboration is a significant milestone in our collective efforts to safeguard Liberia’s financial system. By pooling our resources and expertise, we can address financial crimes more effectively and promote a culture of transparency and accountability”, said Stanley S. Ford, Director General of FIA.
Cllr. Alexandra Zoe, Chairperson, LACC who spoke on behalf of her institution said the initiative with the other institutions was a step forward.
“Our partnership with FIA and LEITI marks a crucial step in the fight against corruption. Together, we can amplify our impact, enhance oversight, and build a stronger foundation for integrity in Liberia”, she said.
Mr. Jeffrey Yates, Executive Director, LEITI who also spoke at the occasion spoke in a similar vein and lauded the initiative as it will assist his agency in doing its work
“Transparency in the extractive industries is vital for national development. Through this collaboration, we strengthen our ability to ensure that revenue from these industries benefits the people of Liberia”, Mr. Yates
The release concluded that the collaboration reflects the shared commitment of FIA, LACC, and LEITI to work together in addressing financial crimes, and corruption and promoting good governance, adding “the synergy created by this partnership is anticipated to yield positive outcomes for the nation.”
