FIC Engages Stakeholders on Ghana’s Anti-Money Laundering Readiness for Evaluation

The Financial Intelligence Centre (FIC) hosted a multi-stakeholder engagement on March 11, 2025, to prepare Ghana for its third Mutual Evaluation (RME) exercise, assessing anti-money laundering measures. Led by Ing. Kwadwo Twum Boafo, the initiative seeks collaboration across institutions to ensure success in this evaluation and maintain Ghana’s financial expertise and integrity.

On March 11, 2025, the Financial Intelligence Centre (FIC) convened its inaugural multi-stakeholder engagement, addressing Ghana’s readiness for the upcoming third round of the Mutual Evaluation (RME) exercise. This process, facilitated by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), evaluates the implementation of the Financial Action Task Force (FATF) recommendations regarding money laundering and terrorist financing.

Having successfully completed the first two RMEs, which established essential institutions and frameworks, expectations are high for the FIC, led by Ing. Kwadwo Twum Boafo, to ensure Ghana’s success in this next phase, which will examine the effectiveness of the existing measures.

In his address, Ing. Kwadwo Twum Boafo emphasized the vital role that all stakeholders play in combating money laundering and terrorist financing. He acknowledged the FIC as the principal agency in this effort and stressed the necessity for collaboration and active participation from all involved.

Boafo reassured stakeholders of the government’s commitment to maintaining Ghana’s financial integrity and pledged that the FIC would cooperate closely with various institutions to enhance the country’s reputation and successfully complete the RME. He encouraged active engagement and communication among participants and their respective institutions.

“The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders. As a country, we have made significant strides in strengthening our anti-money laundering and counter-terrorist financing frameworks. However, emerging trends demand that we continuously assess and enhance our resilience against financial crimes.”

Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC, articulated the critical consequences of failing the evaluation. He remarked on the necessity for unified action to avert Ghana’s potential listing by the FATF, which could severely impact the nation’s financial sector.

Ankrah underscored that this endeavor is a collective responsibility and cannot rest solely on the FIC. Participation from all state institutions is essential to provide necessary information and support during this evaluation process. He illustrated the potential ramifications of Ghana’s inclusion on FATF’s lists, particularly regarding financial charges faced by citizens abroad.

Present at the engagement were representatives from key institutions, including the Economic and Organised Crime Office (EOCO), Bank of Ghana, National Security, and the Ghana Police Service, all contributing to this national initiative.

In conclusion, the FIC’s recent multi-stakeholder engagement underscores the importance of collective efforts in Ghana’s anti-money laundering initiatives as it prepares for the upcoming RME. Successful navigation of this evaluation is critical not only for enhancing Ghana’s financial credibility but also for safeguarding its economy from the adverse effects of potential FATF blacklisting. The collaborative approach advocated by FIC leadership further emphasizes the necessity of unified action across all institutional domains to strengthen Ghana’s response to financial crimes.

Original Source: www.ghanaweb.com