Financial Crime World

Title: FIC’s Strides in Enforcing Financial Crime Reporting Requirements in Ghana

About FIC

The Financial Intelligence Centre (FIC), Ghana’s national center for receipt and analysis of suspicious financial transactions, has been at the forefront of enhancing the country’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime since its establishment. The FIC’s role includes:

  • Receiving and analyzing suspicious transaction reports and other relevant information regarding predicate offenses of Money Laundering/Terrorist Financing and Proliferation Financing (ML/TF&P)
  • Disseminating actionable intelligence to competent authorities

Protecting the Ghanaian Economy

Equipped with modern technology software, go-AML, the FIC has successfully increased the filing of Suspicious Transaction Reports (STRs) from reporting entities. The center’s dedicated and highly skilled staff have addressed numerous ML/TF-related issues, shielding the Ghanaian economy from potential threats. Key achievements include:

  • Successfully analyzing and disseminating intelligence related to ML/TF cases
  • Collaborating with law enforcement agencies to investigate and prosecute ML/TF cases
  • Creating awareness and capacity building initiatives for reportable entities

Training and Capacity Building

FIC’s continuous efforts have been possible with the support from various stakeholders, including:

  • Law enforcement agencies
  • Regulators
  • Reporting entities
  • The private sector
  • Designated Non-Financial Businesses and Professions (DNFBPs)

Upcoming GIABA Meetings

Ghana will once again host the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Technical Commission/Plenary and Ministerial Committee Meeting from February 13 to 19, 2022. These meetings will take place in a hybrid mode, combining virtual and in-person sessions.

Relevant Laws and Regulators

The FIC’s mandate is supported by relevant laws and regulations. Key regulators include:

  • Bank of Ghana
  • Securities and Exchange Commission
  • National Pensions Regulatory Authority
  • National Insurance Commission
  • Gaming Commission of Ghana

Key Law Enforcement Agencies

Law enforcement agencies like the Ghana Police Service, Ghana Immigration Service, Office of the Special Prosecutor, Economic and Organized Crime Office (EOC), and Narcotic Control Board (NACOB) also play a crucial role in enforcing financial crime reporting requirements.

Contact Information

For more information, please visit the FIC’s website or contact them at the following address:

Physical Address

Financial Intelligence Centre (FIC) 10th Floor, Cedi House, Accra, Ghana.

Contact Address

[To be added]