The Financial Intelligent Agency has given Ecobank Liberia Limited 72 hours to provide requested banking transaction information to the agency. The action of FIA came as a result of the bank alleged refusal to submit said documents after many communications to them requesting such documents, which the ultimatum began from January 27, 2025.
The FIA said it will implement other subsequent supervisory responses to ensure that Ecobank Liberia Limited effectively addresses any potential gaps within its AML/CFT management system, and these measures may potentially include criminal penalties, where appropriate.
At the same time, The Financial Intelligence Agency of Liberia (FIA) has described the Bank’s constant refusal to submit requested information as an action deliberately intended to impede and obstruct essential investigations of organized crimes and to undermine the Agency’s statutory mandate of conducting preliminary investigations in a timely fashion and without hindrance.
The FIA said the non-compliant posture by Ecobank Liberia Limited poses a significant threat to the outcomes of several ongoing investigations.
The Agency has recounted several communications requesting Ecobank to provide critical information last year, which the bank failed to submit.
These include communications dated January 5, 2024, April 25, 2024, April 30, 2024, November 15, 2024; and December 5, 2024.
According to FIA, the warning to Ecobank Liberia Limited is consistent with Section 15.3.29 of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021, which authorizes the FIA to issue administrative sanctions against entities for their failures to comply with Liberia’s AML/CFT laws.
Additionally, pursuant to Section 67.3.3 of the FIA Act of 2021, the Agency embodies the authority to require, request, and receive any information from reporting entities, law enforcement and investigating entities, tax authority, institutions responsible for the regulation and/or supervision of entities or persons subject to this Act, Government Ministries, agencies, commissions, etc.; as the FIA may deem necessary to carry out its functions and powers. The Agency seriously considers effective and adequate submission of requested information as a cardinal factor of its AML/CFT Preventive Measures.
The Ecobank’s refusal to adhere to these regulations signifies a key potential weakness and gaps in the Bank’s risk management framework, undermines Liberia’s fight against money laundering and terrorist financing, and raises significant concerns.
