The Auditors obtained annual bank statements from commercial banks for the years 2017, 2018 and 2019 and CBL swift confirmation reports for all remittances made by commercial banks to the Central Bank of Liberia for the same period. The Auditors analyzed and reviewed all the bank statements for deposits received from taxpayers and remittances made to the Central Bank of Liberia. Swift confirmation report is a confirmation report prepared by the beneficiary bank (CBL in this case) that funds have reached the beneficiary account. Commercial bank may delay in sweeping collected revenue to the General Revenue Account which the CBL would later transfer to the Consolidated General Revenue Account. For electronic transfers, all transfer related charges shall be on account of the commercial banks.

Source: Front Page Africa November 16, 2020 04:29 UTC