By By: Staff Writer
The Central Bank on Monday placed strengthened supervision of virtual asset service providers at the center of regional anti-money laundering and counter-terrorist financing (AML/CFT) reforms, as it welcomed delegates to the Fourth GIABA Public–Private Sector Consortium Forum in Monrovia.
Opening the two-day gathering, the Bank said it was honored to host regulators, supervisors, financial intelligence experts, and private-sector actors from across West Africa, describing the forum as a “critical platform for collaboration and reform.” It extended gratitude to GIABA and the African Development Bank for coordinating the initiative, while recognizing Nigeria’s role as host country for the broader program.
According to the Central Bank, the forum’s theme—strengthening supervision of virtual asset service providers (VASPs) in the GIABA region—is both timely and urgent, especially as digital finance expands rapidly across the continent. Officials noted that virtual assets can accelerate financial inclusion and modernize payment systems but warned that they also amplify money-laundering and terrorist-financing risks if left unchecked.
Recent GIABA evaluations, the Bank observed, reveal that many member states remain only partly compliant—or not compliant at all—with FATF Recommendation 15, which mandates clear regulation, supervision, and risk assessments for VASPs. The Central Bank said this gap makes the forum an essential space for knowledge-sharing and capacity building.
Throughout the sessions, participants are expected to dissect key issues such as
– understanding FATF Recommendation 15 and its requirements;
– conducting sector-specific money-laundering and terrorist-financing risk assessments;
– examining the role of virtual assets in financial inclusion;
– reviewing international regulatory models;
– strengthening public–private partnerships; and
– improving cross-border collaboration and national supervisory systems.
The Bank urged delegates to actively contribute, ask questions, and seek solutions that advance regional cooperation.
Turning to Liberia’s domestic posture, the Central Bank reaffirmed its commitment to modernizing its risk-based supervision of VASPs and improving the country’s AML/CFT architecture. It acknowledged ongoing challenges, including the lack of a comprehensive regulatory framework, limited market intelligence, inadequate resources for monitoring and cybersecurity assessments, and weak inter-agency coordination.
Still, the Bank reported steady progress. Current initiatives include drafting regulations that define virtual assets and establish licensing rules, strengthening collaboration with the Financial Intelligence Agency and law-enforcement bodies, preparing for a full-scale assessment of VASPs, integrating virtual assets into national risk reviews, and crafting cybersecurity and market-conduct policies.
Capacity building, the Bank stressed, is a central pillar of Liberia’s strategy. It disclosed that specialized training programs—developed in partnership with the International Monetary Fund—are in the final stages and will target the Central Bank, the FIA, law-enforcement institutions, and other supervisory agencies. Over the next six months, additional research involving the U.S. State Department, the Federal Reserve Bank, and other partners will support this push.
The Central Bank closed by expressing optimism that the forum’s deliberations will produce practical, actionable guidance to help Liberia and the region meet global AML/CFT standards and fully align with FATF Recommendation 15.
