By Myean D Torgbean
The Financial Intelligence Agency of Liberia (FIA) has imposed a 16 million LRD fine on two casinos in the country over what it termed as Non-Compliance to AML/CFT Laws, significant lack of AML/CFT controls, and risk exposure to Money Laundering and Terrorist Financing.
A fine of ten million Liberian Dollars (L$10,000,000) was imposed on the Colony Casino while 50/50 Casino got a fine of six million Liberian Dollars (L$6,000,000).
The FIA said its administrative sanctions imposed on the both casinos follows the Agency’s recent Risk-based AML/CFT Compliance Inspection of the gaming sector, conducted in October of 2024.
“The primary objectives of the risk-based inspection included Assessment of the adequacies of Compliance Programs implemented by gaming entities in Liberia – including policies, procedures, and control – consistent with the full range of their AML/CFT Obligations; and the evaluation of the level of risk inherent in their operations, as provided for in the AML/CFT Act of 2021,” the agency said in a statement.
According to the FIA, findings from the inspection indicate that the Colony Casino and the 50/50 Casino are in gross violation of Liberia’s AML/CFT Laws, particularly sections 15.3.12(2), 15.3.12(1), 15.3.2, and 15.3.20 of the AML/CFT Act of 2021.
Meanwhile, the FIA has mandated the Colony Casino and the 50/50 Casino to take appropriate actions to bridge the gaps and remedy the deficiencies identified within the Casino’s AML/CFT systems, as follows:
- Develop an Action Plan with well-defined timelines as part of remediation measures and submit the same to the FIA, at the latest by Monday, September 1, 2025.
- Ensure all appropriate measures are instituted to address all deficiencies identified in the FIA AML/CFT Risk-based Compliance Report to mitigate Money Laundering, Terrorist financing, and Proliferation financing risks, no later than Wednesday, November 1, 2025.
Consistent with sections 67.3 (16&17) and 15.3.28 (e) of the AML/CFT Act of 2021, the FIA said it shall take additional appropriate supervisory actions, where necessary, to ensure Colony Casino and 50/50 Casino are Compliant with the Full range of its AML/CFT Obligations
