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. AML/CTF means Anti-Money Laundering and Countering the Financing of Terrorism.
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:
1. 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.
2. 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.
