The Financial Intelligence Centre (FIC) on Tuesday, March 11, 2025, held the first in a series of multi-stakeholder engagements to discuss Ghana’s preparations for the third round of the Mutual Evaluation (RME) exercise.
The RME, conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), aims to assess the implementation of the forty (40) recommendations of the Financial Action Task Force (FATF), the global watchdog on money laundering and terrorist financing.
Having successfully navigated the first two RMEs which focused on establishing institutions, laws, and frameworks to combat money laundering and terrorist financing, there is widespread expectation that the FIC, under the leadership of Ing. Kwadwo Twum Boafo, will ensure Ghana passes the third RME.
This evaluation will focus on the effectiveness and impact of the established institutions and laws.
Delivering a brief speech at the forum, Ing. Kwadwo Twum Boafo emphasised the critical role of stakeholders in advancing Ghana’s fight against money laundering and terrorist financing.
While recognising the FIC as the leading institution in addressing these issues, he highlighted the importance of collaboration with key stakeholders and urged them to actively participate in the process.
He assured that the government is committed to preserving Ghana’s integrity in the financial sector and that the FIC will work closely with other institutions to ensure Ghana successfully completes the third RME, enhancing its reputation in the process.
Ing. Kwadwo Twum Boafo also urged participants not only to engage actively in the exercise but to report back to their institutions, keeping them informed of developments and working with the FIC to address systemic shortcomings.
“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.
“The RME allows us to identify vulnerabilities in our financial system, evaluate the effectiveness of current mitigating measures, and develop strategies to address the gaps in our system,” he stated.
The importance of Ghana passing the RME
The significance of Ghana emerging from the evaluation with a strong rating was highlighted by Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC, in an interview on the sidelines of the engagement.
Ishmael Ankrah outlined the potential consequences of an unfavorable outcome on Ghana’s financial sector, stressing the need for all stakeholders to work together to prevent Ghana from being listed by the FATF.
“This is a national project that requires the efforts of all stakeholders. It is not a project to be left solely to the FIC. All state institutions must be prepared to support the FIC by providing the necessary audience and information when approached.
“Initially, we were blacklisted and later moved to the grey list. The RME is crucial because, for instance, imagine being a parent who has to pay exorbitant charges on your child’s school fees abroad due to Ghana’s blacklisting by the FATF.
“When the FATF places a country on any of its lists, the European Union follows suit, which subsequently affects how EU countries deal with that nation,” he explained.
Present at the meeting were officials from the Economic and Organised Crime Office (EOCO), the Bank of Ghana, National Security, the Ghana Police Service, the Attorney-General’s Office, and other key institutions.
SA/MA