The Financial Intelligence Unit of Liberia levied fines of Twenty-One Million Liberian Dollars against all Insurance Companies operating in Liberia for Non-Compliance, Violations, and Obstruction.
Insurance Companies operating in Liberia have refused and failed to file both Currency Transaction and Suspicious Transaction Reports in Violation of section 67.4.1,67.5 of the 2012 Financial Intelligence Unit Act and both section 2. 4 of the regulations on Currency and Suspicious Transaction reports and unlawfully exempted themselves.
The unlawful exemption taken by these insurance companies and their refusal to file impedes one of the core functions of the FIU to collect, analyze and disseminate useful information to Law Enforcement and Competent Authorities pursuant to section 67.3(a). The inaction or willful blindness of the insurance companies amounted to obstruction of lawful investigation which in itself is criminal under the laws of Liberia. Insurance companies fined are as follow:
Accident and General Life Insurance Company
American Underwriter Group
Accidental and Casualty Insurance Company
Activia Insurance Company
Blue Cross Insurance Company
Insurance Company of Africa
Mutual Benefit Assurance Company
Medicare Insurance Company
Omega Group of Company Limited
Palm Insurance Company
SAAR Insurance Company
SUNU Insurance Company
Secure Risk Insurance Company
Sky Insurance Company.

Each of the above listed was fined One Million Five Hundred Thousand Liberian Dollars (LRD 1,500,000.00) for Unlawful Exemption and Failure/ Declines to File in Keeping with the regulations on both Currency Transaction Report and Suspicious Reports. The FIU will take additional actions to include the recommendations for suspension of operating license and publicly designating the entity as a high-risk entity due to non-compliance to Anti Money Laundering, Terrorist Financing, and financing the proliferation of the weapon of mass destruction regulations. All fines are to be paid in the FIU Transitory Account held at the Central Bank of Liberia within 72 hours.
The Prosecution of Kolane Investment Limited Liability Liberia
The Financial Intelligence Unit of Liberia welcomed the indictment of Kolane Investment Limited Liability Liberia and Sundry. It is the anticipated goal to see prosecutors push for speedy trial in bringing to a legal conclusion the above-mentioned case. In the same vein, the FIU calls on the Government to make funding available to prosecutors as they pursue the case to its legal conclusion. The FIU renews its call for the Liberia Business Registry to make null and void the business certificate and registration of Korlane Investment Limited Liability that was established as a front company.
Mutual Evaluation
The year 2022 commences the Mutual Evaluation of Liberia Anti-Money Laundering and Countering the Financing of Terrorism regime, Liberia will be evaluated on Technical Compliance and Effective Compliance by Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), a specialized Agency of the ECOWAS. Liberia’s preparation is on a slow pace and calls on all stakeholders to double our collective efforts in having a good score, as the contrary will not be in the best interest of the country’s image and investment climate. It is against this background; we call on National Government to make the requisite funding available to enable the Liberia Working Group on Mutual Evaluation to carry out its activities without hindrance due to the lack of funding. In addressing the risks identified in the National Risk Assessment on Money Laundering and Terrorist Financing in Liberia, the Financial Intelligence Unit and all stakeholders have completed an Anti-Money Laundering Strategy and Action Plan to address all of the risks over the next five years. Upon the approval of the Strategy and Action Plan by the Inter-Ministerial Committee, the FIU will officially launch the Strategy and Plan in Monrovia in early March 2022.
The FIU calls on the Liberian Senate to consider the Anti–Money Laundering Law and the Financial Intelligence Agency Act as both instruments will play a key role in the mutual evaluations. The FIU wants the Senate to look at the original instruments given as concurring with the House version will not serve the purpose for mutual evaluation and it will need to go for amendment. Also, the FIU wants other bills such as the amendments to the penal code criminalizing market manipulation, inside trading pass, as all of the above are objects for the mutual evaluation upon which Liberia could suffer a setback if not passed on time.