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In line with its mandate to request, receive, and analyse information pertinent to the AML/CFT & PF regime of Liberia, backed by Section 67.3 of the FIA Act of 2021, Ecobank Liberia Limited (Ecobank) has released information as was requested by the Financial Intelligence Agency of Liberia (FIA).
Recently, the FIA issued a written warning to Ecobank Liberia Limited
(Ecobank) as an administrative sanction for the bank’s failure to transmit legally requested information.
FIA in his letter further 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.
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.
The 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.
However, Ecobank has expressed its willingness to always remain fully compliant.
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