Monrovia, Liberia: The Financial Intelligence Agency (FIA) and the Ministry of Mines and Energy (MME) convened a one-day technical working session in Monrovia aimed at enhancing collaboration to address financial crimes within Liberia’s extractive industry. The event took place at the MME’s central office in Monrovia and focused on combating money laundering, terrorist financing, and proliferation financing associated with mineral dealerships.
Cooper Leamah, head of Corporate Analysis at the FIA, underscored the mining sector’s susceptibility to illicit financial activities. He highlighted the global reputational risks and developmental setbacks posed by such crimes, emphasizing the need for robust financial crime prevention measures.
Deputy Minister for Operations at the Ministry of Mines and Energy, William Hines, expressed gratitude to the FIA for its dedication to combating financial misconduct. He assured the agency of MME’s commitment to implementing measures that safeguard the sector from financial crimes, aligning with the government’s objective to revamp the mining sector and enhance Liberia’s economic growth.
The workshop saw active participation from MME officials, including Assistant Minister for Mineral Exploration and Environmental Research, Oliver Gbegbe, and Assistant Minister for Mines, Carlos Edison Tingban, along with directors and technical staff. The engagement reflects the ministry’s dedication to promoting transparency and integrity in Liberia’s extractive sector.
Liberia’s mining industry, comprising gold, diamonds, and iron ore, is a pivotal component of the nation’s economy. The sector has witnessed a revival post the civil war that ended in 2003, with significant contributions to the country’s GDP.
However, challenges such as illegal financial dealings and resource mismanagement have impeded optimal growth. The MME has acknowledged these issues and is actively working to implement policies that ensure sustainable and equitable development of the sector.
In June 2024, Liberia’s Financial Intelligence Agency joined the Egmont Group of Financial Intelligence Units, marking a decisive step towards combating money laundering and terrorist financing. This membership enhances Liberia’s ability to collaborate internationally in sharing intelligence and resources to strengthen anti-money laundering and counter-terrorism financing frameworks.
The collaborative efforts between the FIA and MME signify a robust commitment to addressing financial crimes in Liberia’s extractive sector. By aligning with international standards and fostering inter-agency cooperation, Liberia aims to enhance transparency, attract legitimate investments, and ensure that its natural resources contribute to sustainable national development.
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