The Financial Intelligence Unit of Liberia has with immediate effect order the Lonestar MTN Mobile Money Services to put a Halt to its International Remittance Service as it poses huge threats to countering money laundering and terrorist financing in Liberia.

After review of the risk assessment document presented by the Lonestar MTN Mobile Money Management, it was observed that the product among other things could provide easy means for criminal exploiting the financial system of Liberia using the international remittance service of the Lonestar MTN Mobile Money platform to continue unobserved.

Until the Lonestar Mobile Money can meet all of the deficiencies identified by the FIU, they are not allow in keeping with section 67.5. 1 of the Financial Intelligence Unit Act of 2012 to carry out international remittance service in Liberia as the product remains a convenient vehicle for money laundering and terrorist financing activities in Liberia. The Lonestar Mobile Money Services is hereby warned to adhere to this order as contrary to this order will see specific actions for violation and non-compliance against Lonestar MTN Mobile Money Services.

Also, the FIU has embarked on inspection of Reporting Entities for compliance with all Anti-Money Laundering laws and regulations. The exercise will cover both facilities of Reporting Entities in and outside of Monrovia.