Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre, has disclosed that the safety of Ghana’s economy and international reputation should serve as the driving factors for ramped-up efforts in Ghana’s fight against money laundering, terrorist financing, and all forms of financially related crimes.
According to him, with the new government seeking to create an enabling environment for businesses to thrive, it has become imperative for the country to institute and activate all measures to ensure that it does not end up being blacklisted or grey-listed by the Financial Action Task Force (FATF).
Speaking at a stakeholder engagement on Ghana’s preparation for the 3rd Round Mutual Evaluation (RME) by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Ing. Kwadwo Twum Boafo restated the need for Ghana to improve investor confidence by guaranteeing the safety of the country’s business environment from all forms of crime.
Rallying all state institutions in anticipation of the task ahead, Ing. Kwadwo Twum Boafo stated that the FIC, as the foremost institution, will provide sound leadership, but its efforts will end in futility without the support and participation of partner agencies in the validation process.
He reiterated the FIC’s commitment, under his leadership, to creating an anti-money laundering regime that is robust and strong enough to combat the canker.
Ing. Twum Boafo emphasised that any disappointing verdict from FATF through its regional body, GIABA, would pose significant setbacks to Ghana’s economy. Therefore, an all-hands-on-deck approach is essential for Ghana to pass the evaluation.
“It is imperative that we take proactive steps to address any deficiencies identified in previous assessments. This evaluation will assess not only our technical compliance with international standards but also our effectiveness in implementing them.
A positive outcome from this assessment will enhance investor confidence, strengthen our financial sector integrity, protect our economy from illicit financial inflows, improve our country’s standing in the global financial community, and avoid the risk of being placed on an international watchlist, which would have dire economic consequences.
“To achieve these goals, we must work together regulators, law enforcement agencies, financial institutions, designated non-financial institutions, businesses, professionals, civil society, and all relevant stakeholders. Each of us has a role to play in ensuring that our AML (anti-money laundering) systems are more effective and responsive to creating a safer business environment.”
About the RME
The RME, conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), is a review of a country’s anti-money laundering (AML) framework to examine 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 purpose-driven leadership of Ing. Kwadwo Twum Boafo, will ensure Ghana passes the third RME, which emphasizes the effectiveness and successes of established institutions and laws.
The third RME is expected to commence in early 2026, with the verdict from GIABA anticipated in the latter part of the same year.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.