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Financial Crime Prevention Takes Center Stage in Ghana as GIABA Trains Civil Society in Anti-Money Laundering and Counter-Terrorism Financing
The Financial Intelligence Centre (FIC) has taken a bold step to protect the Ghanaian economy by improving the country’s anti-money laundering and combating the financing of terrorism regime.
Enhancing Operations with Modern Technology
The centre, which is responsible for receiving and analyzing suspicious transaction reports, has introduced modern technology software to increase the filing of such reports from reporting entities. This move is aimed at enhancing the effectiveness of financial intelligence gathering and analysis in Ghana.
Training Staff for Effective Response
In a bid to enhance its operations, the FIC has also trained its staff in diverse ways to effectively address outstanding money laundering and terrorist financing related issues. The centre’s staff are equipped with the necessary skills and knowledge to identify and report suspicious transactions, thereby strengthening the country’s anti-money laundering regime.
Key Stakeholders Support Efforts
The success of these efforts would not have been possible without the support of key stakeholders, including:
- Law enforcement agencies
- Regulators
- Reporting entities
- Private sector players
- Designated non-financial businesses and professions
Reinforcing Country’s Efforts in Combating Financial Crime
Ghana’s efforts in combating financial crime were recently reinforced by a meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), which was hosted by Ghana. The 36th Technical Commission/Plenary and 24th Ministerial Committee Meeting brought together stakeholders from across the region to share knowledge and best practices in anti-money laundering and combating the financing of terrorism.
Strengthening Financial Intelligence Capabilities
Ghana has made significant progress in strengthening its financial intelligence capabilities, with the FIC playing a crucial role in this effort. The centre’s work is guided by relevant laws and regulations, including those issued by supervisory bodies such as:
- Bank of Ghana
- Securities and Exchange Commission
- National Pensions Regulatory Authority
- National Insurance Commission
- Gaming Commission of Ghana
Collaboration with Law Enforcement Agencies
Law enforcement agencies, including the Ghana Police Service, Ghana Immigration Service, Office of the Special Prosecutor, Economic and Organized Crime Office, and Narcotic Control Board, are also working closely with the FIC to prevent financial crimes.
Future Prospects
With these efforts, Ghana is poised to take a significant step towards reducing the risk of financial crime and protecting its economy. The country’s commitment to combating financial crime is a testament to its dedication to ensuring a stable and secure economic environment for its citizens.