By: Julius Konton
Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has called for a “borderless and unified regional response” to combat the rising threats of Money Laundering (ML) and Terrorist Financing (TF), warning that fragmented national strategies are no longer sufficient.
Speaking at the 4th GIABA Public–Private Consultation Meeting, Minister Ngafuan challenged West African stakeholders to be “proactive rather than reactive” as illicit financial flows continue to undermine economies across the region.
According to GIABA’s recent assessments, West Africa loses over US$50 billion annually to illicit financial activities, placing enormous pressure on governance, security, and development.
“We must build systems that protect our people and sustain our path toward growth and prosperity,” the Minister emphasized.
Minister Ngafuan disclosed that the Government of Liberia has increased budgetary support to the Financial Intelligence Agency (FIA) as part of a stronger national anti-money-laundering agenda.
The Ministry of Finance, he added, is also deepening collaboration with the Central Bank of Liberia (CBL) and national law-enforcement agencies to improve detection, supervision, and information sharing.
“We remain committed to creating a regulatory environment that balances innovation with robust oversight,” Ngafuan assured.
The consultation, part of GIABA’s ongoing technical support to member states, focuses on addressing persistent weaknesses in the region’s AML/CFT systems.
Several West African states including Liberia are working to improve compliance with FATF Recommendation 15, which governs the regulation and supervision of virtual assets and service providers.
“Our shared vision is clear,” Ngafuan said. “We must identify gaps, strengthen risk-based oversight, build supervisory capacity, and enhance coordination between public and private sectors.”
The Minister noted that Liberia’s ARREST Agenda for Inclusive Development (AAID) directly identifies money laundering and illicit financial flows as major threats to governance, economic stability, and public trust.
The strategy prioritizes institutional reform, accountability, asset recovery, and anti-corruption efforts.
“It frames the fight against illicit practices as central to strengthening the rule of law,” he added.
Ngafuan reaffirmed Liberia’s commitment to regional cooperation, arguing that the forum demonstrates the country’s determination to advance financial integrity while embracing responsible innovation.
Addressing the forum’s theme: Risk-Based Supervision of Virtual Assets and Virtual Asset Service Providers, the Minister stressed that while digital finance presents opportunities to accelerate transactions and expand financial inclusion, it also introduces significant vulnerabilities.
“These technologies can empower communities and unlock new opportunities,” Ngafuan said. “But in the wrong hands, they fuel money laundering, terrorist financing, fraud, drug trafficking, and cybercrime.”
He likened virtual assets to fire:
“It can warm the house or burn it down. Our collective responsibility is to ensure it serves development, not destruction.”
Ngafuan acknowledged that Liberia is still in the early stages of addressing virtual-asset risks but highlighted strong cooperation between the Central Bank of Liberia and the FIA as a promising foundation.
“We are taking deliberate steps to build capacity and position ourselves to confront these emerging threats,” he noted.
