The Financial Intelligence Centre (FIC) held a multi-stakeholder engagement on March 11, 2025, to discuss Ghana’s preparations for the third round of the Mutual Evaluation exercise by GIABA. This evaluation will assess the effectiveness of Ghana’s anti-money laundering measures. Stakeholder collaboration is emphasized as critical for a successful outcome, ensuring Ghana does not face negative repercussions from the FATF.
The Financial Intelligence Centre (FIC) organized a pivotal multi-stakeholder engagement on March 11, 2025, to strategize Ghana’s readiness for the third round of the Mutual Evaluation (RME) exercise. This assessment, administered by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), evaluates the implementation of the Financial Action Task Force’s (FATF) forty recommendations regarding anti-money laundering and counter-terrorist financing.
Having successfully completed two previous RMEs that emphasized the foundational combat structures against money laundering, the anticipation is high for the FIC, led by Ing. Kwadwo Twum Boafo, to achieve a favorable outcome in the third evaluation. This phase will scrutinize the effectiveness and influence of the established frameworks and laws.
During the forum, Ing. Kwadwo Twum Boafo underscored the vital importance of stakeholder involvement in refining Ghana’s defenses against money laundering and terrorist financing. He acknowledged the FIC’s leadership role but stressed the necessity of collaboration amongst stakeholders to ensure comprehensive engagement throughout the evaluation process.
Emphasizing the government’s commitment to maintaining the integrity of Ghana’s financial system, he stated that the FIC will partner closely with various institutions to ensure success in the third RME, ultimately enhancing the nation’s standing. He also urged participants to proactively engage and disseminate information back to their respective institutions to address identified systemic issues.
Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC, further illustrated the significance of Ghana securing a strong rating from the evaluation. He warned of the dire impact an unfavorable evaluation could have on the nation’s financial sector, necessitating a collective effort from all stakeholders to avert Ghana’s listing by the FATF.
Ankrah pointed out the historical context, noting that Ghana had previously been blacklisted and then moved to a grey list, emphasizing the tangible effects on citizens, such as elevated school fees for studying abroad due to financial disparities attributed to blacklisting.
The meeting included representatives from critical institutions, including the Economic and Organised Crime Office (EOCO), the Bank of Ghana, and the Ghana Police Service, showcasing a united front in tackling this pressing national issue.
In conclusion, the engagement hosted by the Financial Intelligence Centre highlights the importance of multi-stakeholder collaboration in Ghana’s preparations for the upcoming RME. The stakes are high, with effective implementation of anti-money laundering measures critical not only for national integrity but also for individual economic well-being. The commitment from both the FIC and various national institutions is essential for ensuring a favorable evaluation outcome and maintaining Ghana’s financial reputation.
Original Source: www.ghanaweb.com
