The Financial Intelligence Agency of Liberia (FIA) has warned the United Bank of Africa (UBA)-Liberia Limited consistent with section 67.3 of the FIA Act of 2021 and section 15.3.29 of the AML/CFT Act of 2021.
The warning comes as administrative sanction against the UBA for its failure to effectively and adequately adhere to Liberia’s Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance measures, which are cardinal factor to fighting financial crimes in Liberia.
The UBA failure to transmit legally requested information to the FIA not only violates Liberia’s AML/CFT laws and regulations, but it also signifies a significant weakness and gap in the bank’s risk management framework and poses serious threat to the country’s fight against Money Laundering, Terrorist Financing, and other predicate offenses.
The FIA considers this act by UB as an essential cause for concern.
Accordingly, it is imperative to indicate that the FIA will subsequently implement other supervisory sanctions to ensure that UBA immediately and effectively take appropriate and necessary actions to remedy these potential gaps within its systems and these sanctions, where necessary, shall include criminal penalties.
The FIA has given a 72-hour ultimatum, commencing August 28, 2024, for UBA to file with the FIA requested instruments to enable the Agency to effectively and legally discharge its duties and functions.
Pursuant to section 67.3 (3) of the FIA Act of 2021, the FIA is legally empowered to “require, request and receive any additional information that it deems necessary to carry out its functions and powers; conduct preliminary investigations, without hindrance and in a timely manner from reporting entities, law enforcement, investigative entities, tax authority, institutions responsible for the regulation and other relevant person or institutions.”
