The Financial Intelligence Unit (FIU) of Liberia has levied fines of L$21 million on fourteen insurance companies operating in Liberia for non-compliance, violations and obstruction.
Those insurance companies, according to a FIU press statement, have refused and failed to file both currency transaction and suspicious transaction reports in violation of section 67.4.1, 67.5 of the 2012 Financial Intelligence Unit Act and section 2. 4 of the regulation on currency and suspicious transaction reports and unlawfully exempted themselves.
According to a press statement issued on Wednesday, February 2,2022 under the signature of Director General, Edwin W. Harris, the unlawful exemption taken by these insurance companies and their refusal to file impedes one of the core functions of the FIU: to collect, analyze and disseminate useful information to law enforcement and competent authorities pursuant to section 67.3(a). “The inaction or willful blindness of the insurance companies amounted to obstruction of lawful investigation, which in itself is criminal under the laws of Liberia,” the statement read.
The insurance companies fined are Accident and General Life Insurance Company, American Underwriter Group, Accidental and Casualty Insurance Company, Activia Insurance Company, Blue Cross Insurance Company, Insurance Company of Africa, Mutual Benefit Assurance Company, Medicare Insurance Company, Omega Group of Company Limited, Palm Insurance Company, SAAR Insurance Company, SUNU Insurance Company, Secure Risk Insurance Company and Sky Insurance Company.
According to the FIU statement, each of these institutions were fined L$1.5 million for unlawful exemption and failure/declines in filing, in keeping with the regulations on Currency Transaction Report and Suspicious Report. “The FIU will take additional actions to include the recommendations for suspension of operating license and publicly designating the entity as a high-risk entity due to non-compliance to anti-money laundering, terrorist financing and financing the proliferation of the weapon of mass destruction regulations. All fines are to be paid in the FIU Transitory Account, held at the Central Bank of Liberia (CBL) within 72 hours,” the statement noted.
At the same time, the Financial Intelligence Unit (FIU) of Liberia welcomed the indictment of Kolane Investment Limited Liability Liberia and Sundry. FIU says it is the anticipated goal to see prosecutors push for speedy trial in bringing to a legal conclusion the above-mentioned case. In the same vein, the FIU calls on government to make funding available to prosecutors as they pursue the case to its legal conclusion. The FIU renews its call for the Liberia Business Registry (LBR) to make null and void the business certificate and registration of Korlane Investment Limited Liability, which was established as a front company.