FIU fines Orange-Liberia for failing to file suspicious transaction report
Liberia, Monrovia / Image Source: Shutterstock

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

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