Liberia’s FIA and National Lottery Authority collaborate to boost AML compliance in gaming sector

The Financial Intelligence Agency (FIA) of Liberia and the National Lottery Authority (NLA) have convened to enhance inter-agency coordination aimed at improving compliance within the gaming sector. This initiative is set against the backdrop of upcoming inspections of reporting entities, which will include both onsite and offsite evaluations of the sector's adherence to Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations.

The inspections, scheduled to take place from September to December 2024, will assess the money laundering and terrorist financing risks associated with licensed gaming companies operating within Liberia.

During a recent joint meeting at the NLA office, FIA Officer-In-Charge, Mohammed A. Nasser, outlined the meeting's objectives, which included defining the scope of inspections and identifying the necessary human, financial, and technological resources. He emphasized that the inspections would extend beyond the gaming sector to include banking, fintech, and insurance industries.

Mr. Nasser highlighted the importance of identifying high-risk sectors and geographical areas, referencing findings from the 2021 National Risk Assessment Report. He noted that the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA) had previously identified regulatory supervision gaps in Liberia's gaming and other designated non-financial business sectors.

The FIA's risk-based inspection strategy will focus on evaluating the AML/CFT compliance systems of regulatory entities. Offsite inspections will primarily analyze the general risk landscape, while onsite inspections will review compliance with the AML/CFT Act of 2021 and other relevant regulations.

NLA Director General, Reginald Nagbe, reinforced the authority's commitment to collaborating with the FIA to prevent the gaming sector from being exploited for financial crimes. He commended the FIA for its proactive leadership in Liberia's AML/CFT efforts, asserting that the country is making significant progress in combating money laundering and terrorist financing.