Ing. Kwadwo Twum Boafo, CEO of the Financial Intelligence Centre, asserts that Ghana is poised to receive a positive rating from GIABA regarding its anti-money laundering measures. This rating is crucial for instilling investor confidence necessary for the government’s 24-hour economy initiative. Collaborative efforts among multiple agencies are focused on addressing potential shortcomings ahead of the 2026 mutual review, underscoring the ongoing battle against financial crimes.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), emphasized the significance of acquiring a favorable rating from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). This approval is vital for the successful execution of the government’s 24-hour economy initiative, which requires trustworthy investor confidence in Ghana’s economic stability.
According to Mr. Boafo, a GIABA endorsement would signify that Ghana possesses a strong and efficient anti-money laundering and anti-terrorism financing framework. The FIC is diligently collaborating with various institutions to ensure favorable outcomes during the GIABA’s 3rd Round Mutual Review planned for 2026.
He noted the involvement of numerous agencies, such as the Bank of Ghana, Ghana Police Service, National Security, and EOCO, who are committed to addressing any identified weaknesses before the mutual review commences to prevent the risk of being classified as grey or black-listed by FATF.
“President Mahama’s pivot is the 24-hour economy which will enhance the living of Ghanaians, and to do that he needs confidence in the finance sector because 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,” Mr. Boafo stated.
He further remarked that combating financial crime is an ongoing battle against ever-evolving criminal tactics, expressing the commitment to remain proactive. He assured Ghanaians that efforts are underway to avert any unfavorable outcomes.
Edwin W. Harris Jr., the Director General of GIABA, acknowledged the increasing concern of money laundering within the region and reassured that both GIABA and its member states are working diligently to address this issue effectively.
“The issue of money laundering in our region is a challenge. However, GIABA and member states are working assiduously to combat this illicit crime. Money laundering and all transnational crimes remain a serious challenge for investment and economic growth,” he remarked.
The Economic and Organized Crime Office (EOCO) is also actively collaborating with other entities to combat financial crimes. Its Executive Director, Abdulai Bashiru Dapilah, emphasized the necessity of inter-agency cooperation in tackling money laundering issues.
“People engage in tax fraud, and some bring in money without passing through the necessary channels. EOCO cannot do it alone, so we collaborate with the Financial Intelligence Centre (FIC), the Bank of Ghana, and other financial institutions to tackle money laundering. We have recovered over GHS 200 million, as well as properties and other assets,” he disclosed.
In summary, the FIC, under the guidance of Ing. Kwadwo Twum Boafo, is vigorously working towards securing a favorable review from GIABA to bolster Ghana’s economic reputation. Collaboration among various agencies is critical in enhancing anti-money laundering efforts. The collective aim is to ensure Ghana’s status is not jeopardized in the upcoming reviews, ultimately fostering investor confidence essential for the 24-hour economy initiative. The fight against financial crimes continues to be a top priority for Ghana’s institutions.
Original Source: www.ghanaweb.com
