FIC Engages Stakeholders for Ghana’s Anti-Money Laundering…

The Financial Intelligence Centre (FIC) hosted a multi-stakeholder engagement to prepare Ghana for the third round of the Mutual Evaluation exercise by GIABA. This evaluation will assess Ghana’s compliance with FATF recommendations on anti-money laundering. Under Ing. Kwadwo Twum Boafo’s leadership, there is anticipation of a successful outcome to maintain the country’s good standing in global finance. Stakeholder collaboration is emphasized as essential for effective engagement and success in this evaluation process.

On March 11, 2025, the Financial Intelligence Centre (FIC) initiated a series of multi-stakeholder engagements to enhance Ghana’s readiness for the upcoming third round of the Mutual Evaluation exercise. This evaluation, organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), will assess the implementation of the Financial Action Task Force (FATF)’s forty recommendations, aimed at combating money laundering and terrorist financing.

Ghana has successfully passed the first two RMEs, focusing on establishing robust institutions and legal frameworks against money laundering. Under the leadership of Ing. Kwadwo Twum Boafo, the FIC is expected to guide Ghana through the third RME, which will scrutinize the effectiveness and impact of these established entities.

In his address, Ing. Kwadwo Twum Boafo underscored the indispensable role of stakeholder participation in combating financial crimes. He expressed the necessity of collaboration among various entities and encouraged stakeholders to remain actively engaged throughout the evaluation process.

The government is dedicated to maintaining Ghana’s integrity within the financial sector, and the FIC will collaborate closely with other institutions to ensure a successful completion of the RME, which is crucial for enhancing the country’s international standing.

Ing. Kwadwo Twum Boafo urged attendees to share information with their respective institutions to maintain cohesion in addressing systemic issues. He stated, “The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders.”

He further explained that the RME will help identify vulnerabilities in Ghana’s financial system and evaluate the effectiveness of current measures, thereby informing strategies to address any gaps.

The implications of a strong evaluation rating were highlighted by Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC. He emphasized that cooperation between stakeholders is essential to prevent Ghana from being blacklisted or grey-listed by the FATF.

“This is a national project that requires the efforts of all stakeholders,” he affirmed, noting that an unfavorable evaluation could lead to significant financial consequences for the country. He illustrated the impact of blacklisting, such as increased costs for parents needing to pay for their children’s education abroad due to poor national ratings.

The meeting was attended by officials from several key institutions, including the Economic and Organised Crime Office (EOCO), the Bank of Ghana, and the Attorney-General’s Office, showcasing the collaborative efforts towards this vital national agenda.

In conclusion, the Financial Intelligence Centre’s lead in engaging stakeholders emphasizes the collaborative nature of combating financial crimes in Ghana. As the country prepares for its third round of Mutual Evaluation, the involvement of various entities will be crucial in ensuring compliance and enhancing Ghana’s reputation in the global financial arena. This collective effort is vital to safeguard the nation from potential financial sanctions imposed by international bodies like the FATF.

Original Source: www.ghanaweb.com