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FIA Issues Ultimatum to Colony Casino Over Non-Compliance

by Contributor
October 18, 2024
in News
Reading Time: 2 mins read
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Debt Court Shuts Down Colony Hotel Casino Over Unpaid $1 Million Debt

MONROVIA — The Financial Intelligence Agency of Liberia (FIA) has issued a stern warning to the Colony Casino located in Congo Town, Monrovia, citing “witting misconduct, willful disregard,” and obstruction of government functions. This announcement comes as the FIA is conducting a comprehensive risk-based inspection of anti-money laundering and counter-financing of terrorism (AML/CFT) compliance across all reporting entities in the country.

The warning stems from an incident where the Colony Casino allegedly refused to allow the FIA’s inspection team access to their premises. This action is deemed a violation of the AML/CFT Act of 2021 and the FIA Act of 2021, which mandate cooperation from reporting entities by providing access to necessary documents and facilities, including those stored externally.

The FIA had previously notified Colony Casino of their intent to conduct inspections in a letter dated August 23, 2024, which detailed the scope and expectations for compliance within the gaming sector. Despite this, the Casino’s refusal to cooperate highlights potential weaknesses and gaps in their AML/CFT risk management system, posing significant risks to the integrity of Liberia’s financial system.

In response, the FIA has given the Colony Casino a 48-hour ultimatum to comply and grant full access to their premises for the inspection team. Failure to comply will lead to escalated actions, potentially including severe sanctions under Liberia’s legal framework for AML/CFT compliance.

The FIA’s rigorous enforcement of AML/CFT laws underscores the agency’s commitment to safeguarding the financial system of Liberia from the risks of illicit activities and ensuring all entities adhere to the nation’s regulatory standards.

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