Liberia’s Compliance Unit tackles hidden casino ownership and money laundering
The newly launched unit sets stricter rules to make casino ownership more transparent and prevent money laundering.
Liberia.- The National Lottery Authority (NLA) has introduced a critical new set of requirements for operators. All gambling entities must disclose their “ultimate beneficial owners” to eliminate anonymity in financial dealings, signalling a crackdown on hidden ownership structures and reducing the risk of money laundering.
This announcement follows the launch of the new Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Unit just days ago, on August 15. The unit is a partnership between the NLA and the Financial Intelligence Agency (FIA), Liberia’s central authority for financial intelligence and AML/CFT oversight.
The unit recently held a high-level follow-up meeting to reinforce compliance across the country’s gaming sector. FIA Officer-in-Charge Mohammed Nasser stressed that formal boards of directors must be established for all operators, and these boards must appoint independent compliance managers tasked with full oversight responsibilities.
“All gaming entities must disclose their ultimate beneficial owners to prevent anonymity in financial dealings,” Nasser said, highlighting the government’s zero-tolerance approach to hidden ownership and illicit financial activity.
Reinforcing the FIA’s critical role in monitoring and safeguarding the sector, Nasser added: “Transactions exceeding designated monetary thresholds must be reported to the FIA to ensure greater scrutiny of large cash movements.”
The meeting outlined a sweeping set of regulatory reforms poised to reshape Liberia’s gaming landscape. These include Corporate Governance and Risk Management guidelines, Customer Due Diligence requirements, fit-and-proper assessments for licensing and risk-based compliance programs tailored to each operator’s profile and exposure to money laundering risks.
Transformational casino compliance achievement
Attendees included NLA Director General Hon. Peter Solo and Deputy Director General for Lotto Games and Chair of the NLA AML/CFT Compliance Unit Hon. Richlue Burphy. The discussions focused on strengthening collaboration between the NLA and FIA, with joint training, coordinated inspections and streamlined information-sharing protocols planned to identify and address suspicious activities.
Solo described the renewed focus on AML/CFT compliance as “a transformational achievement for Liberia’s gaming sector”. He said that enforcing robust regulatory standards and promoting transparency will ensure operators cannot be exploited for illicit financial activity.
This move comes after the FIA carried out risk-based inspections from September to December 2024, which uncovered weaknesses in how licensed operators were meeting AML/CFT compliance requirements.
The FIA recently fined two casinos for serious AML/CFT breaches. 50/50 Casino Inc. was fined L$6m, while Colony Casino was hit with a L$10m penalty, both for failing to implement proper compliance programs, appoint compliance officers and monitor suspicious transactions.
The launch of the Compliance Unit marks a historic step in safeguarding Liberia’s gaming industry. The unit is tasked with monitoring operators, ensuring compliance and collaborating closely with the FIA to protect the sector from financial crime.
