PHOTO: FIA Officer-In-Charge, Mohammed A. Nasser (right)
The Sixth Judicial Circuit, Civil Law Court at the Temple of Justice in Monrovia has recently ruled in favor of the Financial Intelligence Agency of Liberia (FIA), affirming the agency’s statutory power to impose monetary and administrative fines.
On July 29, 2022, by an act of the National Legislature, the Financial Intelligence Unit (FIU) Act of 2012, was repealed bringing into being the establishment of the Financial Intelligence Agency (FIA) of Liberia. The FIA is an independent and autonomous agency established to serve as the central, national agency of Liberia responsible for the receipt, analysis, and conduct preliminary investigations of suspicious transactions or activities reports, currency transactions or activities reports, other information relevant to money laundering, associated predicate offenses, terrorist financing, financing proliferation of weapons of mass destruction and proceeds of crime and other transactions or activities reports determined by the FIA and in the AML/CFT Act (FIA Act 2021, Chapter 67.2, Section (1)). Establishment – Financial Intelligence Agency of Liberia
The ruling follows the FIA’s imposition of a L$15 million (Liberian dollars) fine against Orange Money Liberia for failing to meet Anti-Money laundering and Counter-terrorism Financing requirements under Liberia’s AML/CFT Act of 2021. The fine was based on a risk-based compliance inspection conducted by the FIA from September 2–13, 2024.
The court recently confirmed the FIA’s legal authority to impose sanctions aimed at strengthening AML/CFT compliance in Liberia. Orange Money Liberia has filed an appeal with the Supreme Court of Liberia.