Liberia’s Financial Intelligence Unit (FIU) which foremost objective is working to deter money laundering and counter financing of terrorism has started collaborating with the National Lottery Authority (NLA), both institutions issue a joint Circular to prevent fraudulent financial transactions in the gamming sector.
According to the six-page document issued August 17, 2018 by the two institutions, activities embedded in the policy document include risk assessment of casinos and other entities operating the gaming sector, the separation of businesses from owners mainly parent entities, the Anti-Money Laundering (AML)/Combating Financing Terrorism (CFT) Compliance Program.
It also focuses on reporting Obligations to Detect Suspicious Transaction that may be related to financial transaction linked to the commission of a money laundering offence. Others include Procedures for Submitting Suspicious Transaction Report (STR), Currency Transaction Threshold, and Procedure for Submitting Currency Transaction Report (CTR).
According to the joint policy document aimed at preventing money laundering and counter financing of terrorism in the gamming sector of the country, the move is to further ensure that no part of Liberia’s territory shall be used as a money laundering and terrorist financing haven for the proceeds of any predicate offenses.
Alex Cuffy, FIU chief
This policy will therefore serve as guild for casinos, and other entities operating in the gaming sector about their obligations regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), FIU and NLA officials said.
The risk assessment of entities operating in the gaming sector is aimed at identifying and assessing the possibilities of a person or group of persons using their entities to launder money and finance terrorism, consider the location of the entity, customer type, size, gaming products, service provision, transaction type and means of delivery risk factor.
The risk assessment aspect will put in place measures to prevent risks from occurring, measures to mitigate the risks if they do occur, as well as document the risk assessment in writing, updating annually and make it available to relevant completion authorities upon appropriate request.
Under the AML/CFT compliance program, all casinos and other entities operating in the gaming sector shall have in place an AML/CFT compliance program which entails policies and procedures; establish and regularly update AML/CFT internal control polcies and procedures.
National Lotteries chief, Martin Kollie
Other measures under this approach are appointment of a compliance officer at senior management level who shall be responsible for implementing and promoting compliance with all AML/CFT.
The AML/CFT will also provide customer due diligence, maintain documents and records for a minimum of five years, provides internal training, screening and integrity of employees to ensure high standards of integrity of staff, and establish an internal audit function and undergo periodic audits by external auditors.