The Financial Intelligence Unit of Liberia has fined GSM Company – Orange Liberia for failing to file Suspicious Transaction Report. The company has been hit by LD$337,500 fine.
While addressing the media FIU’s Executive Director, Edwin Harris, told the fine is a result of an exercise conducted by the FIU from April 23 – 25 of 2019, which discovered that Orange Liberia had not filed Suspicious Transaction Report since 2017. The fine is in keeping with Section 67.3 (n) of the Financial Intelligence Unit Act of 2013 and Section 3.2.2 of the Regulation on Suspicious Transactions Reporting for financial institutions, Edwin Harris further added.
Meanwhile, the company has been given a period of 90 days to take possible corrective actions to avoid such occurrence that led to the imposition of the fine.
The FIU Liberia will soon be launching a whistleblower program for public to encourage them reporting incidents associated with money laundering, properties related to the proceeds of crimes and other predicate offenses. The unit will be instituting whistleblower hotline numbers to the public.
Source – Front Page Africa