Republic of Liberia

MINISTRY OF FINANCE AND DEVELOPMENT PLANNING

P.O Box 10-9016

Intersection of Broad and Mechlin Streets

Monrovia, Liberia

REQUEST FOR EXPRESSIONS OF INTEREST FOR ILLICIT FINANCIAL FLOW/ANTI-MONEY LAUNDERING CONSULTANT

NAME OF PROJECT: Integrated Public Financial Management Reform Project, II

Assignment Title : Short Term Consultants to Develop the Illicit Financial Flows/Anti-Money Laundering Strategy for the Government of Liberia

Financing Agreement reference: 2100155034068

Project ID No.: P-LR-K00-014

Reference No. IPFMRP II/C/IC/2.1.1.1-AfDB

Issue Date: March 16, 2021

End Date:   March 30, 2021

 

 

 

  1. INTRODUCTION :

Since the early 1970’s, several countries especially in the African region have experience considerable capital flight. Capital flight (KF) refers to the domestic residents moving their wealth abroad using different ways to accumulate foreign assets. It has been argued in many literatures that this may have strong detrimental effects on domestic investment, economic growth, tax income and poverty reduction (Torn ell and Velasco 1992; collier et al 2004; Baja 2007; Yalta 2010; Fad et al 2012). At the same time, since the 1980s many countries including some in Africa have reformed their domestic financial markets in an attempt to improve the functioning of the domestic financial system and to increase the efficiency of resource allocation that is to enhance financial development (Foote 2013) [4,10,12].

The problem of illicit flows from Liberia deserves serious consideration. A 2015 report produced by Global Financial Integrity (GFI) estimates illicit financial flows out of Liberia to be at $966 million average per year. Liberia presents serious analytical difficulties because of inadequate data. One thing is certain: while Liberia had to shoulder a heavy debt burden, research has shown that sustained illicit outflows have turned the rest of the world to a net borrower from Liberia. This is because estimates of illicit capital outflows provided by economic models such as the World Bank Residual model and the Trade Mis-invoicing model account for the bulk of deposits reported by banks to the Bank for International Settlements (BIS) and by offshore financial centers. This project seeks to estimate and analyze the existence and extent of illicit flows from the country and present numerous mitigation policy options.

The Integrated Public Financial Management Reform Project (IPFMRP-II) signed in 2017 between the Government of Liberia and the AFDB is supporting a number of PFM, oversight and transparency and accountability institutions in strengthening their capacities to deliver the needed services. The project primary objective is to improve accountability and transparency in PFM systems. The project is composed of three components, and one of them is to strengthen revenue mobilization and administration. A number of key complementary agencies, including the Financial Intelligence Unit, are working along with the LRA to improve the collection of revenue and counter leakages and money laundering within the Natural Resource Sector. The project intends to apply part of the proceeds of the funding for eligible payment under the contract to hire the services of an individual consultant to develop the Illicit Financial Flow/ Anti-Money Laundering Strategy for Liberia.

  1. OBJECTIVE OF THE ASSIGNMENT :

The General Objective of this assignment is to hire an individual consultant to develop the Illicit Financial Flow (IFF) Strategy for Liberia for use by the Financial Intelligence Unit.

The Specific Objectives of the strategy development are as follows :

  1. To develop an understanding of capital flight in Liberia; the scale and extent as a consequence of being deprived of needed fund for social-economic development ;
  2. To develop a framework that curtails the practice and enforces the macroeconomic management framework to best deal with such menace ;
  3. To develop capacity building package and training for the financial intelligence unit and other key stakeholders within the Liberian AML regime in combating the menace using evidence-based approach.
  1. SCOPE OF SERVICES FOR THE ASSIGNMENT :

Under the supervision and direction of the Executive Director of the FIU, the consultant will have the following key responsibilities :

  1. Carry out desk review publications and research produced on Anti -Money Laundering, Countering the financing of terrorist and illicit financial flows to inform the development of the Illicit Financial Flow Strategy for the Government of Liberia ;
  2. Conduct the necessary research and compile data that would substantiate the vision of the new Anti-Money Laundering / illicit financial flows strategy for Liberia ;
  3. Work closely with the appropriate stakeholders, including the Ministry of Finance and Development Planning, Liberia Revenue Authority and other relevant line Ministries and Agencies to develop the strategy ;
  4. Draft a comprehensive Anti-Money Laundering /illicit financial flow strategy for Liberia and submit for review comments and inputs ;
  5. Conduct a stakeholders’ review workshop and make a detailed presentation after completion of the strategy— highlighting the salient features. The workshop will be organized by the Financial Intelligence Unit ;
  6. Process and update the outputs of the stakeholders’ meeting and submit an updated draft for peer review; and
  7. Finalize and submit final illicit financial flows strategy document.
  1. EXPECTED OUTCOMES OR DELIVERABLES : 

The consultant will submit the documents summarized below to the Executive Director of the Financial Intelligence Unit or such personnel as may be appointed by the Executive Director. All documents/reports will be issued in English, submitted in both hard and electronic copies.

The Consultant shall submit the following key reports :

  1. Inception Report (due 10 days after kickoff of the assignment): The Consultant shall prepare a brief inception report highlighting his/her understanding of the assignment and the methodology to be employed. The Report will also include inter alia: a) Initial findings following the desk review of relevant documents and consultations with agency heads, key personnel and other stakeholders; b) An elaboration of the work plan; c) List and contacts of key stakeholders to be engaged; d) A proposed methodology, plan and dates for the Stakeholder Workshop e) and the proposed outline for the IFF Strategy ;
  2. Draft IFF Strategy: The consultant must produce draft IFF Strategy. This report should be submitted within 45 calendar days of the commencement of the assignment, and must incorporate all the requirements of the Terms of Reference ;
  3. Conduct Stakeholders’ Workshop: This workshop will be used to present the draft This workshop would provide an opportunity to obtain stakeholders’ feedback. This activity must be carried out within 45 calendar days of the commencement of the assignment and will bring together all the key stakeholders to a half-day Workshop. The Executive Director will be responsible for organizing the workshop-logistical arrangements in relation to the venue, consumables and provide basic support for the attendance of relevant stakeholders and assisting with technology support for the presentations ;
  4. Final IFF Strategy: This should be submitted within sixty calendar days after the commencement of the assignment. The Strategy shall incorporate all comments and inputs provided by the Government during the stakeholder workshop.
  1. INSTITUTIONAL ARRANGEMENTS :

The Consultant will report to the Executive Director of the Financial Intelligence Unit on all technical aspects of the assignment and to the Project Manager on all contractual matters.

  1. DURATION OF THE ASSIGNMENT :

The assignment shall be completed within two (2) months after signing of the contract.

  1. FACILITIES TO BE PROVIDED BY THE CLIENT :

The Financial Intelligence Unit will provide the following facilities :

  • Access to all necessary information and stakeholders to facilitate the assignment ;
  • Office space within the Financial Intelligence Unit where applicable ;
  • Essential office furniture ;
  • Essential miscellaneous office equipment ;
  • Access to Internet, and network resources, where necessary ;
  • The consultant will use her/his personal Laptop.
  1. DUTY STATION AND PLACE OF ASSIGNMENT :

The duty station and place of the assignment shall be at the Financial Intelligence Unit, Monrovia, Liberia.

  1. QUALIFICATIONS REQUIREMENTS FOR EACH CONSULTANT :

Interested Consultants should meet the following Minimum Qualifications and Experience Requirements :

  • Advanced university degree (Master’s level) in finance, economics, international development, public/business administration, social sciences, or related discipline or the equivalent experience ;
  • Minimum 10 years of experience in Anti-Money Laundering, Terrorist Financing, illicit financial flows and financial crimes ;
  • Experience writing logical, coherent, and consistent national development papers i.e. SDGs/ MDGs, PRS, etc. development programmes for developing countries ;
  • Research and/ publication with excellent knowledge of illicit financial flows in Africa will be a distinct advantage ;
  • Network/ with Illicit Financial Flows organization/ civil society groups is desirable ;
  • A minimum of five years of experience in projects with financial inclusion as a focus or part is mandatory ;
  • Must have familiarity with the SDGs and UNTAD protocols and vast knowledge and understanding of the FATF 40 plus recommendations.
  1. LANGUAGE: Fluency in English, spoken, read and writing.

Further information and the detailed TOR can be obtained at the address below during office hours, i.e. from 0900 to 1700 hours (GMT), Mondays through Fridays.

The Project Management Unit (PMU) of the Ministry of Finance & Development Planning (MFDP) now invites eligible individual consultants to express interest in providing the services by submitting a list of similar assignments performed with references and submitting Curriculum Vitae (CVs) and copies of academic credentials, demonstrating experience in performing similar assignments with references and showing responsiveness to the qualification requirements outlined in this REOI. Eligibility criteria and the selection procedure shall be in accordance with the World Bank’s “Procurement Regulations for IPF Borrowers” July 2016, Revised November 2017 and August 2018 (“Procurement Regulations”). Consultants will be selected using the Individual Consultant Selection (ICS) Method set out in the Procurement Policy Framework referenced above.

Expressions of interest must be delivered in a written form or by email to the address below on or before 30th March, 2021 @ 1700 hours (GMT) and indicate in the Email subject line or on the outer envelope “Short-Term Consultancy to Develop the Illicit Financial Flows/Anti-Money Laundering Strategy for the Government of Liberia”

The Address referred above is :

The Project Manager

Project Management Unit (PMU), Ground Floor Annex

Ministry of Finance and Development Planning (MFDP)

P.O Box 109013 – Intersection of Broad and Mechlin Streets

1000 Monrovia, 10 Liberia

Phone : +231770 161 561

E-Mail : [email protected], and copied to [email protected]