Stricter Control Over Foreign and Highly Dangerous Financial Transfers
Monrovia, Liberia – The Financial Intelligence Agency (FIA) and the Central Bank of Liberia (CBL) have signed a Joint Directive that imposes additional customer due diligence measures. This directive greatly tightens regulatory control of cross-border financial transactions, high-risk consumers, and non-residents.
Liberia’s defenses against money laundering, funding of terrorism, financing of proliferation, and other illicit financial activities is expected to be strengthened by the directive, which was unveiled in Monrovia on Monday, February 16, 2026. It also includes enhanced compliance standards.
The decision also represents one of the most significant regulatory changes to the financial sector in Liberia in recent memory. Speaking at the signing ceremony, CBL Executive Governor Henry F. Saamoi described the directive as “a firm statement of our shared commitment to protect the financial system and safeguard the stability of our nation’s economy.”
Governor Saamoi highlighted that tighter interagency coordination and more robust safeguards are necessary due to the growing scale and complexity of Liberia’s financial system, which is being fueled by the expansion of digital payments, cross-border remittances, and the expansion of the private sector.
He noted that the new regulations will force financial institutions to conduct more thorough due diligence on non-residents and non-Liberians, especially those who are classified as high risk.
According to him, the directive calls for more stringent beneficial ownership verification, a closer examination of politically exposed persons (PEPs), enhanced oversight of intricate and uncommon transactions, better recordkeeping, and broader regulatory reporting requirements.
The Governor also encourage more cooperation between regulatory and intelligence agencies and banks, mobile money operators, insurers, remittance service providers, and specific non-financial enterprises and occupations.
Governor Saamoi emphasized that the directive strengthens Liberia’s adherence to international Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) frameworks by bringing the nation into compliance with international standards established by the Financial Action Task Force (FATF).
“This partnership is grounded in a shared vision, a financial system that is transparent, well-regulated, and capable of withstanding global scrutiny, commending the FIA’s leadership and the cooperation of financial institutions nationwide,” he narrated.
Additionally, the Joint Directive commits both agencies to offering regulated companies technical assistance, training, and guidance while maintaining the fairness, transparency, and risk-basedness of supervisory evaluations. It also indicates intentions to upgrade information-sharing systems, modernize regulatory frameworks, and make technological investments to improve oversight capabilities.
Governor Saamoi urged financial institutions to view compliance as a professional culture rather than a procedural requirement, warning that regulators are not the only ones responsible for protecting the financial system. “Today’s signing marks the beginning of a new chapter of strengthened vigilance, cooperation, and regulatory excellence,” he declared. “Together, we will secure the present and future of Liberia’s financial system.”
Financial institutions are expected to start incorporating the new criteria into their compliance structures as soon as the directive goes into effect.
Photo credit: CBL
Reported by: Prince Saah
