The Financial Intelligence Centre (FIC) hosted a meeting on March 11, 2025, to discuss Ghana’s readiness for the third round of Mutual Evaluation (RME) by GIABA, focused on the effectiveness of anti-money laundering measures. Led by Ing. Kwadwo Twum Boafo, the FIC seeks to ensure successful outcomes by promoting stakeholder collaboration in evaluating and enhancing Ghana’s financial crime prevention strategies. Stakeholders emphasize the necessity of collective efforts to avoid negative consequences from the FATF.
On March 11, 2025, the Financial Intelligence Centre (FIC) initiated a series of multi-stakeholder meetings to discuss Ghana’s preparation for the third round of the Mutual Evaluation (RME). This evaluation, carried out by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), will assess Ghana’s compliance with the forty recommendations set forth by the Financial Action Task Force (FATF), a prominent organization focused on combating money laundering and terrorist financing.
After successfully undergoing the initial two RMEs that concentrated on establishing necessary institutions and frameworks, there is a strong expectation that the FIC, led by Ing. Kwadwo Twum Boafo, will help ensure Ghana’s success in this third evaluation. This stage will specifically evaluate the efficacy and impact of the country’s existing institutions and laws related to financial crime.
During the forum, Ing. Kwadwo Twum Boafo underscored the vital role of stakeholder engagement in Ghana’s battle against money laundering and terrorist financing. He acknowledged the FIC’s leadership in these efforts while emphasizing the necessity for collaborative engagement from all relevant parties. He reassured that the government remains dedicated to upholding Ghana’s financial integrity and that the FIC would collaborate closely with various institutions to facilitate a successful RME outcome.
Ing. Kwadwo Twum Boafo urged attendees to actively partake in the evaluation process and to maintain communication with their respective organizations regarding developments. He articulated, “The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders,” highlighting the necessity for ongoing vigilance and improvement in Ghana’s financial crime resilience.
The potential ramifications of Ghana’s RME performance were expounded upon by Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC. He conveyed the importance of achieving a favorable rating to avert negative implications for the country’s financial sector. He stated, “This is a national project that requires the efforts of all stakeholders. It is not a project to be left solely to the FIC,” thus calling for a united front from all state institutions to prevent Ghana from being blacklisted by the FATF.
Ishmael Ankrah elaborated on the past challenges faced, noting Ghana’s previous blacklisting and subsequent placement on the grey list. He warned that such outcomes could lead to significant financial burdens for individuals and businesses, particularly in international transactions. The meeting also included representatives from key organizations, such as the Economic and Organised Crime Office (EOCO), the Bank of Ghana, National Security, the Ghana Police Service, and the Attorney-General’s Office, reflecting a comprehensive approach to this critical initiative.
The Financial Intelligence Centre’s proactive multi-stakeholder engagement emphasizes the importance of collaborative efforts to prepare Ghana for its third Mutual Evaluation by GIABA. With all parties acknowledging their roles, the stakes are high for achieving a favorable outcome that would bolster Ghana’s reputation and financial integrity on a global scale. Ensuring success in this evaluation not only protects Ghana from adverse listings but also strengthens its frameworks against financial crimes.
Original Source: www.ghanaweb.com
