Ghana’s Financial Intelligence Centre Cracks Down on Money Laundering and Terrorist Financing
The Financial Intelligence Centre (FIC) in Ghana has been established to combat the growing menace of money laundering, terrorist financing, and proliferation financing.
Establishment and Mandate
According to section 4 of the Anti-Money Laundering Act, 2008 (Act 749), as amended, the FIC is a body corporate with perpetual succession and common seal, empowered to acquire and hold movable and immovable property. The primary mandate of the FIC is to:
- Receive and analyze suspicious transaction reports and other information relevant to predicate offences of money laundering, terrorist financing, and proliferation financing
- Disseminate actionable intelligence to competent authorities to help prevent these crimes
Authority and Powers
The FIC has the authority to request additional information from accountable institutions and designated non-financial businesses and professions (DNFBPs) in Ghana, including:
- Lawyers
- Accountants
- Notaries
- Auctioneers
- Religious bodies
- Non-governmental organizations
- Real estate developers or agents
- Gaming sector
- Dealers in precious metals and stones
- Dealers in motor vehicles
Global Network and International Cooperation
The FIC is part of a global network of financial intelligence units (FIUs), which enables it to access timely information on criminals operating across national borders. It also participates in international fora and conferences to share emerging trends of money laundering and terrorist financing schemes, deepening awareness and monitoring purposes.
Recent Statistics and Activities
Recent statistics reveal that the FIC has received over [number] suspicious transactions reports, cash transactions reports, currency declaration reports, and electronic transaction reports. Accountable institutions submit quarterly, half-annual, and annual reports on their levels of compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.
The Bank of Ghana continues to apply its administrative sanctions regime to enforce compliance on AML/CFT, with 19 banks sanctioned for non-compliance. The FIC also provides support in conducting positive and nominal vetting on shareholders and directors of financial institutions and conducts awareness creation programs for accountable institutions.
Efforts to Combat Money Laundering and Terrorist Financing
In its efforts to combat money laundering and terrorist financing, the FIC has conducted numerous activities, including:
- Training and capacity building initiatives
- Research and analysis
- Collaboration with international partners
Its work is critical in helping Ghana maintain a strong reputation as a stable and transparent economy.