Consistent with section 15.3.29 of the AML/CFT Act of 2021 and Section 67.3(17) of the FIA Act of 2021, the Financial Intelligence Agency of Liberia (FIA) has issued a warning to the Colony Casino in Congo Town for what the agency described as “witting misconduct, willful disregard”, and deliberate obstruction of government’s functions, demonstrated by the entity’s blatant refusal to grant FIA’s inspection team access to the casino’s premises for inspection purposes during the on-going comprehensive AML/CFT risk-based inspection for all reporting entities in Liberia.
It can be recalled that the Colony Casino was duly notified in a communication addressed to its management—dated August 23, 2024—of FIA’s plan to inspect the country’s gaming sector for AML/CFT compliance. This process, among other measures, entails a comprehensive review of reporting entities’ documents, records, and systems to ensure their compliance to Liberia’s AML/CFT laws.
FIA unambiguously adjudges this action of non-cooperation as a violation of Liberia’s AML/CFT laws, which inter alia, “obligate reporting entities to provide any necessary information, including documents, books, records, and copies of documents and files, even if they are stored outside their buildings”.
Explicitly considered, this non-compliance posture exhibited by Colony Casino clearly connotes the magnitude of potential weakness, inadequate controls, and gaps in that gaming entity’s AML/CFT risk management system. These deficiencies in the casino’s AML/CFT risk management system are evidence of far-reaching implications on Liberia’s financial system.
Predicated upon the above and in reflection of its legal mandate, FIA requests the Colony Casino to grant full access and allow the agency’s inspection team to carry out their assigned duties and functions without any further obstruction within 48 hours.
“Moving forward, and should the Casino fail to adhere to this forewarning, FIA shall institute additional measures which could include more severe reprimands, consistent with legal provisions in Liberia’s AML/CFT regime,” the FIA stated.
