In order to combat money laundering and terrorism funding in Ghana, Ing. Kwadwo Twum Boafo, the CEO of the Financial Intelligence Centre (FIC), has urged close cooperation amongst state entities.
Speaking on Tuesday, March 11, 2025, in his first public appearance after being appointed by President John Dramani Mahama, Ing. Twum Boafo emphasized the complexity of financial crimes and the necessity of working together to combat the changing risks given by new criminal trends.
Ahead of the third phase of the Mutual Evaluation Exercise (MEE), he emphasized the significance of stakeholder involvement and the need for Ghana to fortify its anti-money laundering framework.
“Input from stakeholders is crucial to this process. In order to ensure that the MEE accurately depicts our risk environment and that government and regulatory agencies can put in place the necessary policies and measures, your knowledge, perceptions, and collaboration are essential,” he said.
Financial crimes are a national issue that need ongoing evaluation and strategic improvements, he reaffirmed.
“All parties must work together to combat financial crimes such as money laundering and terrorism funding. We’ve come a long way as a nation in bolstering our anti-money laundering and anti-terrorist funding systems. But new developments need that we constantly evaluate and improve our ability to withstand financial crimes,” he continued.
Ing. Twum Boafo went on to say that the MEE gives Ghana a vital chance to pinpoint weak points in its financial system, assess how well the current mitigation techniques are working, and create all-encompassing plans to close any holes.
Concerning the RME
In accordance with the forty (40) recommendations of the Financial Action Task Force (FATF), the international watchdog on money laundering and terrorist financing, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) conducts the Mutual Evaluation Exercise (MEE), which evaluates a nation’s anti-money laundering (AML) framework.
The evaluation’s initial two stages, which concentrated on developing institutions, legal frameworks, and policies, were successfully completed by Ghana. The efficacy and implementation of these measures will now be evaluated by the third RME.
There is great hope that Ghana will continue to be a nation with a strong and reliable anti-money laundering system under the direction of Ing. Kwadwo Twum Boafo.
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