The Financial Intelligence Centre (FIC) commenced a multi-stakeholder engagement to prepare for Ghana’s third round of the Mutual Evaluation (RME) exercise. This evaluation by GIABA examines Ghana’s compliance with FATF standards on anti-money laundering. FIC’s leadership under Ing. Kwadwo Twum Boafo aims to secure a positive outcome, emphasizing collaboration among stakeholders to combat financial crimes effectively.
On March 11, 2025, the Financial Intelligence Centre (FIC) initiated a series of multi-stakeholder engagements to discuss Ghana’s preparations for the third round of the Mutual Evaluation (RME) exercise. This evaluation, conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), aims to evaluate Ghana’s adherence to the Financial Action Task Force’s (FATF) forty recommendations concerning anti-money laundering and combatting terrorist financing.
Ghana’s FIC, under the leadership of Ing. Kwadwo Twum Boafo, has successfully completed the first two RMEs, which focused on creating necessary laws and frameworks to tackle money laundering. There is significant hope that the FIC can achieve favorable results in the upcoming evaluation, which will scrutinize the effectiveness of existing institutions and laws.
During the forum, Ing. Kwadwo Twum Boafo emphasized the essential role of all stakeholders in the fight against financial crimes. He acknowledged the FIC’s leadership in these initiatives and urged stakeholders to collaborate actively, underscoring the government’s commitment to maintaining Ghana’s integrity in the financial sector.
Furthermore, Ing. Boafo encouraged participants to engage actively and provide feedback to their respective institutions, highlighting the importance of working together to rectify systemic issues. He stated, “The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders.”
The significance of receiving a favorable rating from the RME was underscored by Ishmael Ankrah, the Deputy Head of the Analysis Department at FIC, who expressed concern over the potential ramifications of an unfavorable outcome on Ghana’s financial sector. He emphasized that this endeavor necessitates collective effort from all parties, not just the FIC.
Ankrah elaborated on the potential adverse effects of Ghana being blacklisted by FATF, such as inflated costs for parents paying school fees abroad. He explained that FATF decisions influence how nations engage with Ghana, affecting the country’s economic interactions, particularly with the European Union.
Key representatives from various institutions, including the Economic and Organised Crime Office, the Bank of Ghana, and the Ghana Police Service, were present at this critical meeting, showcasing the collaborative commitment to enhancing Ghana’s anti-money laundering framework.
In summary, the Financial Intelligence Centre’s (FIC) proactive engagement process on March 11, 2025, signifies a concerted effort to prepare Ghana for the crucial third round of the Mutual Evaluation (RME) exercise. With the support of various stakeholders, the FIC aims to reinforce Ghana’s financial integrity and enhance its standing in global evaluations concerning money laundering. Successful outcomes from the RME are essential for avoiding negative economic repercussions, thereby ensuring continued stability in Ghana’s financial sector.
Original Source: www.ghanaweb.com
