The Financial Intelligence Agency of Liberia (FIA) has issued a warning letter to Ecobank Liberia Limited for the Bank’s deliberate refusal to submit requested information to the Agency.
FIA describes the Bank’s constant refusal to submit requested information as an action deliberately intended to impede and obstruct essential investigations of organized crimes and to undermine the Agency’s statutory mandate of conducting preliminary investigations in a timely fashion and without hindrance. The FIA further notes that this non-compliant posture by Ecobank Liberia Limited poses a significant threat to the outcomes of several ongoing investigations.
According to a press release, the Agency recounted several communications requesting Ecobank to provide critical information last year, which the bank failed to submit. These include communications dated January 5, 2024, April 25, 2024, April 30, 2024, November 15, 2024; and December 5, 2024.
This warning to Ecobank Liberia Limited is consistent with Section 15.3.29 of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021, which authorizes the FIA to issue administrative sanctions against entities for their failures to comply with Liberia’s AML/CFT laws.
Additionally, the release notes that pursuant to Section 67.3.3 of the FIA Act of 2021, the Agency embodies the authority to require, request, and receive any information from reporting entities, law enforcement and investigating entities, tax authority, institutions responsible for the regulation and/or supervision of entities or persons subject to this Act, Government Ministries, agencies, commissions, etc.; as the FIA may deem necessary to carry out its functions and powers.
The FIA seriously considers effective and adequate submission of requested information as a cardinal factor of its AML/CFT Preventive Measures. The Ecobank’s refusal to adhere to these regulations signifies a key potential weakness and gaps in the Bank’s risk management framework, undermines Liberia’s fight against money laundering and terrorist financing, and raises significant concerns.
Meanwhile, the according to its release has on compassionate grounds granted Ecobank Liberia Limited, another seventy-two (72) hours, commencing from the date and time of receipt of the warning letter, issued January 27, 2025, to file to the FIA instruments as were requested in previous communications mentioned supra.
The release under the signature of the officer-in –charge of the FIA, Mohammed Nasser concluded with a caveat that the FIA will implement other subsequent supervisory responses to ensure that Ecobank Liberia Limited effectively addresses any potential gaps within its AML/CFT management system. These measures may potentially include criminal penalties, where appropriate.
