Boakai, Sirleaf, Weah Ngafuan, Saamoi, Jallah, Kamara FIA Issues Administrative Sanction Against UBA-Liberia

The Financial Intelligence Agency of Liberia (FIA) has issued an administrative sanction against the United Bank of Africa (UBA) in Liberia for failure to comply with Liberia’s Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021. According to a statement from the FIA, dated August 28,2024, the sanction is consistent with section 67.3 of the FIA Act of 2021 and section 15.3.29 of the Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021. The statement indicated that the UBA-Liberia’s failure to transmit legally requested information to the FIA does 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 offenses. The statement stressed that the FIA considers this act by UBA-Liberia as an essential cause for concern. Accordingly, the FIA communication pointed out that it is imperative to indicate that the FIA will subsequently implement other supervisory sanctions to ensure that UBA-Liberia immediately and effectively takes appropriate and necessary actions to remedy these potential gaps within its systems. These sanctions, where necessary, shall include criminal penalties. In view of the violation, the FIA has given a 72-hour ultimatum, commencing August 28, 2024, for UBA-Liberia 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.  Source: LINA