spot_imgspot_img
Thursday, May 23, 2024

FIUL BURSTS MONEY LAUNDERING FIRM, CONFISCATES OVER US$284,000

Date:

LIBERIA – The Financial Intelligent Unit of Liberia has recovered over US$284,000 from a money laundering firm and deposited the same into the General Revenue Account of Liberia

In November 2021, a source filed a complaint with the FIUL alleging wire fraud and money laundering by a firm identified as Korlane Investment Limited Liability Company and its corporate owners.

FIUL using its statutory power, as enshrined in its Act of 2012, commenced analysis and preliminary investigation into the allegations.

A press release from the FIUL says that based on reasonable suspicion of Money Laundering reinforced by findings of preliminary investigations, a freezing order was placed on all the company’s accounts in Liberia; thus, protecting alleged proceeds of crime pending the outcome of a full-scaled investigation and subsequent criminal trial.

The release points out that investigators discovered that Korlane Investment Limited Liability Company operated a shell entity in Liberia without office, staff, etc., and opened and used its accounts in Liberia to launder, conceal and direct alleged stolen funds generated through unusual transactions from wire fraud, which it considers a predicate crime of money laundering.

It also says further investigators found that said alleged ill-gotten funds were usually withdrawn by a foreign national named Patrick Hermann Diega Wahi who comes to Liberia to effect withdrawal under the authority of Evgene Nikisuit, Korlane’s account holder, a press statement released by FIUL said.

The release states that in early January 2022, Korlane Investments Liberia Limited Liability Company and its corporate owners including Patrick Hermann Diega Wahi, Evgene Nikisuit, and others to be identified were indicted by the Grand Jury for Montserrado County for the crimes of Money Laundering, Wire fraud, Theft of Property, and criminal conspiracy.

Upon obtaining a writ of arrest by the Ministry of Justice (MoJ), Patrick Hermann Diega Wahi who had come to Liberia to withdraw the said proceeds- evaded arrest and absconded from the bailiwicks of the Republic of Liberia.

According to the press release, during the May Term of Court, the case was called for trial based on a notice of assignment, and the absence of the defendants was noted by the Court.

It said thereafter, a motion to confiscate the proceeds was filed consistent with the Provisional Remedies Proceeds of Crimes Act of 2013.

The motion was assigned for hearing and argued. Thereafter, the release says the Presiding Judge of Criminal Court C granted the motion and ordered the proceeds of over US $234,000 confiscated and transferred to the General Revenue Account of Liberia by the FIUL.

The release further indicates that as mandated by the Court, the FIUL has duly transferred said amount to the General Revenue Account.

On the other hand, according to the press release,  FIUL has recently recovered US $ 50,000.00 from a company operating in Liberia and evaded taxes.

The press release notes that the matter was brought to the attention of FIUL by a source and that in exercising its powers, the FIUL jointly with the Ministry of Justice restricted the corporate accounts of the company.

The release disclosed that in collaboration with the Liberia Revenue Authority (LRA), the said amount was recovered representing the tax liabilities of the Company.

And that based on the mandate from the Civil law Court for Montserrado County, the said amount has been transferred to the Government of Liberia’s general revenue account, the release states.

The FIUL, therefore, commends the government of Liberia for its demonstrated will to tackle money laundering and appreciates the public confidence reposed in it. The FIUL restates its recommitment to robustly fight to secure Liberia’s financial space from being used by enablers and launderers.

smartnews
Smart News Liberia is an online news outlet and a product of Smart Media Group Inc. Our website, smartnewsliberia.com, covers a broad spectrum of news content. For inquiries or information, you can reach us at 0777425285 or 0886946925, or email us at smartnewsliberia@gmail.com or info@smartnewsliberia.com.

LATEST DEVELOPMENT

LEADERSHIP IN QUESTION: EXPOSING GOVERNANCE FAILURES IN BOAKAI’S ADMINISTRATION

MONROVIA – Amara Konneh, former Finance Minister and current...

SENATOR AMARA KONNEH CRITICIZES UNITY PARTY-LED GOVERNMENT UNDER PRESIDENT JOSEPH BOAKAI

MONROVIA, LIBERIA – In a recent statement, Gbarpolu County...

URGENT ACTION NEEDED: ADDRESSING THE SEWAGE CRISIS IN CENTRAL MONROVIA

The ongoing issue of sewage leaking into the streets...

PRES. BOAKAI’S LEADERSHIP UNDER SCRUTINY AMID CENTRAL BANK OF LIBERIA CORRUPTION SCANDAL

The recent revelations of large-scale looting at the Central...

PRESIDENT BOAKAI’S PRIVATE JET USE EXPOSES HYPOCRISY

President Joseph Nyuma Boakai's use of a private jet...

LIBERIA NATIONAL UNIFICATION DAY: A CALL FOR UNITY AND PROGRESS

Today, May 14th, 2024, marks Liberia's National Unification Day,...

COMMENTARY

PRESIDENT BOAKAI ADDRESSES LOOMING RICE PRICE HIKE WITH KEY STAKEHOLDERS

In response to growing concerns regarding the potential surge...

 NATIONAL UNIFICATION DAY: REFLECTING ON LIBERIA’S JOURNEY TOWARDS UNITY

National Unification Day in Liberia, celebrated on May 14th,...

CELEBRATING WORLD PRESS FREEDOM DAY: THE PEN’S POWER TO ILLUMINATE AND EMPOWER

A Commentary By Socrates Smythe Saywon, Sr. May 3 marks...

COMMENTARY: SAMUEL P. JACKSON QUESTIONS BOAKAI ADMINISTRATION’S COMMITMENT TO CHANGE

In a compelling commentary, Development Consultant Samuel P. Jackson...

LATEST NEWS

FORMER PRESIDENT KOROMA’S BODYGUARD SHOT DEAD IN FREETOWN

By Deborah Sorie The Principal Assistant to former Sierra Leone...

LIBERIA: HASSAN BILITY AND ALAIN WERNER SUE FOR CONNIVING AND INFLICTING UNTOLD SUFFERING…

MONROVIA – Dr. Agnes Reeves–Taylor on Tuesday, May 10,...

THE PARADOX OF FAILED SLOGANS: UNRAVELING LIBERIA’S ELUSIVE POLICY AGENDAS

The Paradoxical Question: What Really Happened with Liberia's Latest...

Share post:

EXCLUSIVE INTERVIEW

OPINION

THE PERILS OF PRAISE SINGING: HOW JOURNALISTIC INTEGRITY IS ESSENTIAL FOR ACCOUNTABILITY IN LIBERIA

Journalists play a crucial role in holding public officials...

AN OPINION: COMMENDING THE EMBASSY OF SWEDEN, SIDA, AND CENTAL FOR CHAMPIONING ANTI-CORRUPTION EFFORTS IN LIBERIA

An Opinion By Socrates Smythe Saywon The recent one-day Anti-corruption...

AN OPINION: ADDRESSING BRIDGE INTERNATIONAL ACADEMIES’ DEVASTATING IMPACT ON EDUCATION

An Opinion By Socrates Smythe Saywon The presence and operations...

THE GALLERY

spot_imgspot_img

MORE ARTICLES

spot_imgspot_img

MORE NEWS

LATEST DEVELOPMENT NEWS

LATEST CRIME NEWS

Share via
Copy link