Ing. Kwadwo Twum Boafo, CEO of FIC, emphasizes the importance of GIABA’s positive rating for Ghana’s anti-money laundering regime, linking it to the success of the 24-hour economy initiative. Various agencies are working collaboratively to address potential shortcomings before the 2026 mutual review. EOCO stresses inter-agency cooperation to combat financial crimes and recover illicit assets.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), emphasized the importance of securing a favorable rating from GIABA to ensure the success of Ghana’s 24-hour economy initiative. He indicated that investor confidence in Ghana’s economy is critical for the effective implementation of this flagship program.
Twum Boafo stated that a positive evaluation from GIABA, which is affiliated with the Financial Action Task Force (FATF), would serve as a strong endorsement of Ghana’s anti-money laundering and anti-terrorism financing measures. In preparation for GIABA’s upcoming 3rd Round Mutual Review, the FIC is collaborating with various institutions to secure a successful assessment for the nation.
The FIC is teaming up with agencies including the Bank of Ghana, the Ghana Police Service, National Security, and the Economic and Organized Crime Office (EOCO) to address potential issues before the mutual review starts in 2026. This proactive approach aims to prevent Ghana from being grey or black-listed by FATF due to any inadequacies.
Twum Boafo remarked, “President Mahama’s pivot is the 24-hour economy…without that confidence, the 24-hour economy will be dead on arrival. What we are doing is to make sure Ghana is not grey-listed.” He assured the public that the FIC is committed to staying ahead of financial crimes to safeguard the economy.
Edwin W. Harris Jr., the Director General of GIABA, recognized the escalating threat of money laundering in the region and reassured that member states are taking substantial steps to combat this issue. He stated, “The issue of money laundering in our region is a challenge…transnational crimes remain a serious challenge for investment and economic growth.”
Meanwhile, EOCO is fostering inter-agency collaboration to effectively tackle financial crimes. EOCO’s Executive Director, Abdulai Bashiru Dapilah, detailed their efforts against misconduct such as tax fraud. He explained, “EOCO cannot do it alone, so we collaborate with the FIC, the Bank of Ghana…to tackle money laundering. We have recovered over GHS 200 million, as well as properties and other assets.”
In summary, Ghana is taking crucial steps to bolster its anti-money laundering regime, as highlighted by the efforts of the FIC and various governmental agencies. The collective aim is to secure a positive assessment from GIABA, thereby enhancing investor confidence and supporting the national 24-hour economy initiative. Continuous inter-agency collaboration underscores the commitment to tackling financial crimes effectively, ensuring economic stability and growth for Ghana.
Original Source: www.ghanaweb.com
