There are no legal penalties for disclosing the customer's bank details to third parties.

Opening de cuenta
banking in Liberia

Country banking analysis

DWe have offshore account opening services in Liberia and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.

Everything you need to know to set up an operating company with a bank account.

1. Exchange of banking information

β€’ There are no legal penalties for disclosing the customer's bank details to third parties.

β€’ Banks are not subject at all to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

β€’ Banks are partially obliged to maintain sufficient records of customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).

β€’ Banks and / or other covered entities are NOT required to report large transactions in currency or other monetary instruments to designated authorities.

β€’ The national administration has sufficient powers to obtain and provide bank information on request without qualifications.

β€’ There are undue notice and appeal rights against the exchange of bank information on demand without qualifications.

Is it legal to open an offshore bank account in Liberia?

D

We must emphasize that it is perfectly legal to open a offshore bank account in Liberiaas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts

You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.

2. Measures to avoid tax evasion

<br>β€’ No unilateral relief for double taxation through a tax credit system

3. Cash flow

β€’ The jurisdiction does NOT issue or accept the circulation of large notes / cash notes of its own currency (of a value greater than 200 EUR / GBP / USD).

β€’ Unregistered bearer shares are available / outstanding or registered by a private custodian.

β€’ Series LLC / Shielded Cell Companies are not available.

β€’ Trusts with escape clauses are not prohibited.

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

4. Anti-money laundering legislation

Liberia is not on the FATF list of countries that have been identified with strategic AML deficiencies.

The last Mutual Evaluation Report related to the implementation of the rules against money laundering and terrorist financing in Liberia was carried out by the Financial Action Task Force (FATF) in 2011. According to that Evaluation, Liberia was found to be in compliance with 0 and largely complies with 0 of the FATF 40 + 9 Recommendations. Partially met or did not meet the 6 basic recommendations.

Liberia is classified by the US Department of State as a country / jurisdiction of primary concern regarding money laundering and financial crime.

Overall Non-Compliance Score of FATF Standards in Percentage: 85,7%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).

5. Automatic exchange of information

Liberia recently signed the MCAA and committed to sharing information in 2020 or later.

Number of significant activated AEOI relationships (under the MCAA) published by the OECD as of October 2019: 0

What type of private banking exists in Liberia?

International Banking
Local banking

Central bank security ⭐⭐⭐

The international and digital banks They're available.

CRS: SI.

Real bank operations: 90%.

Type of visa: LRD, US $, €.

Joint accounts: SI.

Remote management account: To consult.

Asset management Depending on the rating of the company.

Rates: It depends on the type of account.

Credit / debit cards in local currency.

Crypto friendly banks: It depends on the correspondent bank.

Portfolio availability: It does not depend on the correspondent bank.

Ability to issue letters of credit: SI.

Why with Foster Swiss?

Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.

Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.

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