Liberia Establishes Unit to Combat Money Laundering and Terrorist Financing Through Gaming Sector

National Lottery Authority (NLA) Director General Peter Solo has announced the establishment of a new Anti-Money Laundering and Terrorist Financing Compliance Unit (AML/CFT Compliance Unit).

The unit will be headed by Deputy Director General Richlu Burfi, who said: “This unit is more than just a formal regulatory unit. It is the front line in protecting the integrity of the Liberian gaming industry. We will work tirelessly to identify, monitor and prevent any attempt to use our sector for money laundering or terrorist financing. Compliance will be mandatory; it will be the standard.”

At a briefing at the Financial Intelligence Agency (FIA) headquarters in Congo Town, Mohammed A. Nasser said: “All gaming companies must disclose their ultimate beneficial owners to prevent anonymity in financial transactions.” He also stressed that gambling establishments need to implement compliance programs that take into account the risks associated with their operations, customer profiles, and exposure to money laundering risks.

Nasser noted that gambling operators need to go beyond formal measures and build comprehensive compliance programs. Such programs should take into account the specifics of the operations themselves, customer behavioral profiles, and the degree of exposure to money laundering risks.

Companies are also required to submit reports to the Federal Trade Commission on all transactions that exceed established limits. According to Nasser, this will allow them to keep track of the movement of large sums and promptly identify suspicious transactions.