Claim: "The Financial Intelligence Agency (FIA) of Liberia fined Colony Casino & 50/50 Casino a total of L$16 million for breaching anti-money laundering laws due to poor systems at both establishments."
Full Text:The Financial Intelligence Agency was established in 2022, replacing the previous Financial Intelligence Unit. As Liberia's central anti-money laundering authority, the FIA is responsible for investigating suspicious transactions and enforcing compliance with AML/CFT regulations. The agency operates under the direct oversight of the President of Liberia and works to protect the country's financial system from abuse and economic crimes.
On August 14, a social media post by Shine Liberia claimed that "The Financial Intelligence Agency (FIA) of Liberia fined Colony Casino & 50/50 Casino a total of L$16 million for breaching anti-money laundering laws due to poor systems at both establishments."
Verification: Stage Media's investigation confirms the claim is accurate. The Financial Intelligence Agency of Liberia did impose fines totaling L$16 million on both casinos for violations of the country's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws.
Breakdown of Fines:
- Colony Casino: L$10 million
- 50/50 Casino Inc.: L$6 million
- Total: LD$16 million
Our fact-checking team contacted the FIA's Communications Department directly to verify the claims. A representative confirmed the fines, stating, "Yes, it is confirmed. For Colony Casino, the amount is LD$10M, while 50/50 Casino amount is LD$6M. The story is posted on our online platforms, including Facebook and the website."
We then verified these statements by checking the FIA's official channels:
The FIA's inspection, conducted from October 10 to 14, 2024, found Colony Casino in "gross violation" of Liberia's AML/CFT laws. Specific violations included non-compliance with sections 15.3.12(2), 15.3.12(1), 15.3.2, and 15.3.20 of the AML/CFT Act of 2021.
The agency cited "significant lack of AML/CFT controls" and exposure to money laundering and terrorist financing risks as grounds for the L$10 million fine.
- Failure to undertake proper customer due diligence
- Lack of AML/CFT risk-based policies and procedures
- Deficiencies in customer onboarding processes
- Ineffective monitoring systems for suspicious transactions
These violations resulted in a L$6 million fine.
Conclusion: The claim by Shine Liberia is true. The Financial Intelligence Agency of Liberia did impose fines totaling L$16 million on Colony Casino (L$10 million) and 50/50 Casino Inc. (L$6 million) for violations of the country's anti-money laundering laws following comprehensive inspections in October 2024. Both casinos have been given deadlines to address compliance issues or face additional regulatory action.
