Colony Casino Suffers L$10M Fined
By Godgift Harris
The Financial Intelligence Agency (FIA) of Liberia has imposed a fine of L$10 million on Colony Casino for multiple breaches of the country Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws.
The sanction follows a Risk-Based AML/CFT Compliance Inspection conducted from October 10–14, 2024, on the gaming establishment owned by Mr. Ziang Lizhuang and Daoud Rabani.
According to FIA’s report, the inspection covered a full-scope review of the casino compliance programs, policies, procedures, and controls, in line with obligations outlined in the AML/CFT Act of 2021. The FIA found that Colony Casino had no internal program to prevent money laundering, and terrorist financing, failed to appoint a Compliance Officer, and lacked systems to monitor, detect and report suspicious transactions.
“These failures represent a significant lack of control and expose the institution to a high risk of being used for money laundering and terrorist financing,” the FIA report stated.
As part of its enforcement action, the FIA has ordered Colony Casino to prepare and submit a detailed Action Plan outlining corrective measures, with a clear timeline, to Mohammed Nasser, the Agency Officer-in-Charge by September 1, 2025.
Under Sections 67.3 (16 and 17) of the FIA Act of 2021 and 15.3.28(e) of the AML/CFT Act of 2021, the Agency is empowered to regulate, supervise, monitor, and enforce compliance among reporting entities. These powers include conducting both offsite and onsite inspections, compelling entities to provide documents even if stored offsite and imposing sanctions for violations. The FIA said that sanctions must be “proportional, dissuasive, and effective in deterring future breaches, and reiterated its mandate to compel entities to fully implement remedial measures as recommended.”
The fine serves as one of the highest-profile penalties under the FIA ongoing crackdown on non-compliance in country’s financial and gaming sectors.