Ing. Kwadwo Twum Boafo, CEO of the Financial Intelligence Centre, is confident that Ghana will receive a positive assessment from GIABA regarding its anti-money laundering measures. This outcome is essential for the success of the 24-hour economy initiative, instilling investor confidence. Collaboration among various agencies is underway to prepare for the upcoming 2026 review, aiming to avoid any grey or black-listing by the FATF.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), has emphasized the importance of receiving a positive rating from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). This rating is pivotal for the successful implementation of Ghana’s flagship initiative, the 24-hour economy. Boafo noted that investor confidence in Ghana’s economy is crucial for the policy’s effectiveness.
The endorsement from GIABA, affiliated with the Financial Action Task Force (FATF), would affirm that Ghana possesses a strong anti-money laundering and anti-terrorism financing framework. In light of this, the FIC, under Ing. Twum Boafo’s leadership, is collaborating with various institutions to achieve commendable results in the forthcoming 3rd Round Mutual Review by GIABA.
Several agencies, including the Bank of Ghana, Ghana Police Service, National Security, and the Economic and Organized Crime Office (EOCO), are rigorously working to resolve any deficiencies before the mutual review begins in 2026. They aim to prevent Ghana from being grey or black-listed by FATF, which would undermine the 24-hour economy initiative.
Boafo asserted, “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.”
He further stated, “We should know that the criminals never stop operating so its an ongoing fight and we are here to make sure we are always ten steps ahead of the criminals. I want to assure all Ghanaians that we are doing our best to ensure that nothing untoward happens and we are doing our best to ensure that failure isn’t an option.”
Edwin W. Harris Jr., Director General of GIABA, recognized the escalating threat of money laundering in the region but reassured that efforts are being made to counteract this illicit activity. “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 stated.
Additionally, EOCO has been actively pursuing collaborations with various institutions to counter financial crimes. Abdulai Bashiru Dapilah, Executive Director of EOCO, underscored the need for inter-agency cooperation. He stated, “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.”
The efforts of the Financial Intelligence Centre and various collaborating agencies are crucial in ensuring that Ghana successfully undergoes GIABA’s 3rd Round Mutual Review. Positive results from this assessment are essential for establishing investor confidence, which is vital for the success of the 24-hour economy initiative. The ongoing combat against money laundering highlights the commitment of Ghana’s institutions to maintain an effective financial regime.
Original Source: www.ghanaweb.com
