The Financial Intelligence Centre (FIC) held a multi-stakeholder meeting on March 11, 2025, focusing on Ghana’s preparation for the third round of the Mutual Evaluation (RME) by GIABA. This evaluation will assess Ghana’s implementation of FATF recommendations. Ing. Kwadwo Twum Boafo stressed the importance of stakeholder collaboration to ensure a positive outcome and highlighted the implications of the evaluation for Ghana’s financial reputation.
On March 11, 2025, the Financial Intelligence Centre (FIC) convened its first multi-stakeholder engagement aimed at preparing Ghana for the forthcoming third round of the Mutual Evaluation (RME) process. This exercise, overseen by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), will scrutinize Ghana’s adherence to the forty recommendations set forth by the Financial Action Task Force (FATF), which seeks to combat money laundering and terrorist financing globally.
The previous two RMEs assessed Ghana’s establishment of institutions, regulations, and frameworks designed to counteract these financial crimes. Presently, there exists a substantial expectation that, under the stewardship of Ing. Kwadwo Twum Boafo, the FIC will lead Ghana to successfully navigate the upcoming evaluation, which will specifically examine the effectiveness and impact of existing laws and institutions.
During the forum, Ing. Kwadwo Twum Boafo underscored the vital involvement of various stakeholders in the ongoing battle against money laundering and terrorist financing. While acknowledging the FIC’s leadership role, he advocated for enhanced cooperation among stakeholders and called upon them to engage constructively in the evaluation process. He reassured attendees of the government’s dedication to maintaining Ghana’s reputation within the financial sector and affirmed that the FIC would collaborate closely with relevant institutions to ensure a successful outcome in the RME.
Ing. Boafo further encouraged attendees to not only participate in the evaluation exercise but to relay information back to their respective institutions, thereby fostering transparency and cooperative effort to rectify systemic weaknesses. He articulated, “The fight against money laundering, terrorism financing, and other financial crimes requires the collective efforts of all stakeholders” and advocated for continuous assessment and improvement of Ghana’s financial crime resilience through the RME’s evaluative measures.
The evaluation’s significance was reiterated by Ishmael Ankrah, the Deputy Head of the Analysis Department at the FIC, who spoke about its implications for Ghana’s financial landscape. He emphasized the necessity for collective action, cautioning that any negative results could lead to serious ramifications such as a potential re-listing by the FATF. He remarked, “This is a national project that requires the efforts of all stakeholders. It is not a project to be left solely to the FIC.”
Ishmael Ankrah also illustrated the seriousness of the consequences of being placed on these lists, which could lead to inflated costs for families needing to send their children abroad for education, due to heightened financial scrutiny. The meeting included representatives from key institutions such as the Economic and Organised Crime Office, the Bank of Ghana, and the National Security, demonstrating a unified front among Ghana’s institutions in this critical endeavor.
In summary, the FIC’s proactive engagement with stakeholders marks a significant step towards preparing Ghana for the third RME. The involvement of key institutions is crucial for the successful assessment and passing of the evaluation, which will enhance Ghana’s financial integrity and standing. The collaboration and commitment expressed by stakeholders highlight the collective responsibility required to combat money laundering and maintain a robust financial system.
Original Source: www.ghanaweb.com
