In the preamble of the resolution, the Council expressed concern at the findings of an expert panel that violations of sanctions imposed by Resolution 1343 (2001) continue to occur. It welcomed a peace agreement signed by the Liberian government, Liberians United for Reconciliation and Democracy (LURD) and the Movement for Democracy in Liberia (MODEL) on 18 August 2003 and that the National Transitional Government of Liberia under Chairman Gyude Bryant took office on 14 October 2003. States in the region were called upon to build lasting peace through the Economic Community of West African States (ECOWAS), International Contact Group on Liberia, Mano River Union and Rabat Process.