Ghana Launches Joint Efforts to Detect Money Laundering, Combat Terrorism Financing
A United Front Against Financial Crimes
In a bid to strengthen its anti-money laundering and counter-terrorism financing regime, Ghana has launched a united front with civil society organizations in the fight against financial crimes. The Financial Intelligence Centre (FIC), the national centre for receiving and analyzing suspicious transaction reports, has been at the forefront of this effort.
The FIC’s Efforts
Since its establishment, the FIC has put in place several measures aimed at improving Ghana’s anti-money laundering and combating the financing of terrorism regime. These efforts have included:
- The use of modern technology software to increase the filing of Suspicious Transactions Reports from reporting entities
- Highly skilled and dedicated staff who work tirelessly to address outstanding money laundering and terrorist financing related issues
Gratitude to Stakeholders
The FIC has expressed its gratitude to stakeholders such as law enforcement agencies, regulators, reporting entities, private sector organizations, and designated non-financial businesses and professions for their support in this effort.
Upcoming GIABA Meeting
Ghana is set to host the 36th Technical Commission/Plenary meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) from February 13 to 19, 2022. This will be the second time Ghana has hosted the Plenary meeting, with the first instance being in 2013.
Combating Money Laundering and Terrorist Financing
The GIABA Technical Commission/Plenary meeting and Ministerial Committee Meeting will be held in a hybrid mode, combining virtual and in-person attendance. The event aims to bring together experts from West African countries to share knowledge and best practices in combating money laundering and terrorist financing.
Supervising Bodies
Ghana’s anti-money laundering regime is supervised by several bodies, including:
- Bank of Ghana
- Securities and Exchange Commission
- National Pensions Regulatory Authority
- National Insurance Commission
- Gaming Commission of Ghana
Law Enforcement Agencies
The law enforcement agencies involved in this effort include:
- Ghana Police Service
- Ghana Immigration Service
- Office of the Special Prosecutor
- Economic and Organized Crime Office (EOCO)
- Narcotic Control Board (NACOB)
Contact Information
The FIC is located at 10th Floor, Cedi House, Accra, Ghana, and can be contacted through its contact address. The Centre’s work is crucial in protecting the Ghanaian economy from the proceeds of crime and ensuring that financial institutions operate transparently and honestly.
Contact: Kwaku Dua, Chief Executive Officer, Financial Intelligence Centre