On March 11, 2025, the FIC convened key stakeholders to prepare for Ghana’s third RME, assessing adherence to FATF guidelines against money laundering. Ing. Kwadwo Twum Boafo emphasized collaborative efforts, while Ishmael Ankrah warned of potential consequences of a poor evaluation, encouraging national unity in the response.
On March 11, 2025, the Financial Intelligence Centre (FIC) initiated a series of multi-stakeholder meetings to discuss Ghana’s preparations for the third round of the Mutual Evaluation (RME) exercise. This evaluation, organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), aims to review how well Ghana implements the 40 recommendations set forth by the Financial Action Task Force (FATF), focusing on combating money laundering and terrorist financing.
Ghana has successfully completed the first two RMEs, which primarily established the necessary institutions, laws, and frameworks. Under the leadership of Ing. Kwadwo Twum Boafo, there are high expectations that the FIC will guide Ghana through the third RME, which will evaluate the effectiveness and impact of its existing laws and institutions.
Ing. Kwadwo Twum Boafo highlighted the crucial role of stakeholder collaboration in enhancing Ghana’s fight against money laundering and terrorist financing during his address at the forum. He acknowledged the FIC’s position as a leading institution in this domain and emphasized the need for active participation from all stakeholders to ensure constructive engagement throughout the evaluation process.
The commitment of the government to maintain Ghana’s integrity in the financial sector was reiterated by Boafo. He indicated that the FIC would collaborate closely with various institutions to maximize the likelihood of a successful evaluation while enhancing Ghana’s international standing.
Boafo also encouraged participants to actively disseminate information within their organizations to keep everyone informed and involved. He stated, “The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders. Significant progress has been made, but continuous assessment and improvement are necessary to enhance our resilience against financial crimes.”
The importance of a strong rating from the RME was further underscored by Ishmael Ankrah, Deputy Head of the Analysis Department at the FIC. He stressed the potential ramifications of a negative evaluation on Ghana’s financial sector, calling for a united effort from all sectors to prevent Ghana from being listed unfavorably by the FATF.
Ankrah articulated that, “This is a national project that requires the efforts of all stakeholders. It is not a project to be left solely to the FIC.” He illustrated the practical consequences of blacklisting, mentioning how it could lead to increased costs for parents with children studying abroad due to financial restrictions tied to FATF’s categorization.
The meeting also included representatives from key institutions such as the Economic and Organised Crime Office (EOCO), Bank of Ghana, National Security, Ghana Police Service, and the Attorney-General’s Office, signifying a joint commitment to ensuring Ghana’s successful passage through this vital evaluation.
The FIC’s multi-stakeholder engagement highlights Ghana’s proactive approach towards the upcoming RME. By promoting collaboration among diverse institutions, the FIC, under Ing. Kwadwo Twum Boafo’s leadership, aims to strengthen its financial integrity and successfully navigate the third evaluation. Ensuring all stakeholders are involved is crucial for enhancing Ghana’s standing against money laundering and financial crime.
Original Source: www.ghanaweb.com
