The Financial Intelligence Agency (FIA) of Liberia has sent a stern warning letter to Medtech Scientific Ltd. The company has faced scrutiny for its repeated failure to furnish requested information within stipulated deadlines, prompting the FIA to act decisively.
The FIA has granted Medtech Scientific a 72-hour ultimatum to respond and justify its non-compliance, warning that failure to provide an appropriate explanation could lead to sanctions against the company.
This notice comes after the FIA had initially requested critical documentation pertaining to Medtech’s operations in Liberia for the entire year of 2024. The request, communicated on December 18, 2024 – a second attempt after the company failed to meet a previous deadline of December 13 – emphasized the importance of compliance with statutory reporting obligations.
Despite the agency’s efforts, Medtech Scientific again neglected to meet the extended deadline of January 7, 2025, as set forth in the FIA’s December communication.
The agency has characterized this ongoing defiance as a willful disregard of its authority, as empowered by the FIA Act of 2021, the agency said in a statement Thursday.
According to the FIA, such actions are deemed a direct violation of Section 67.3 of the FIA Act, which explicitly mandates that the Agency be able to request and receive necessary information promptly in the execution of its duties.
This ongoing situation has raised concerns within regulatory circles about the company’s commitment to transparency and adherence to local laws. The FIA’s response reflects a broader mandate to ensure that entities operating within Liberia adhere to stringent compliance measures designed to combat financial crimes and uphold the integrity of the nation’s financial system.
