Twum Boafo: FIC boss calls for stronger collaboration to combat money laundering and terrorism financing
The Chief Executive Officer of the Financial Intelligence Centre (FIC), Ing. Kwadwo Twum Boafo, has called for strong collaboration among state institutions to tackle money laundering and terrorism financing in Ghana.
Speaking at his maiden public event since his appointment by President John Dramani Mahama on Tuesday, March 11, 2025, Ing. Twum Boafo underscored the complexities of financial crimes and the need for a collective effort in addressing the evolving threats posed by emerging criminal trends.
He highlighted the importance of stakeholder engagement, stressing that Ghana must strengthen its anti-money laundering framework ahead of the third round of the Mutual Evaluation Exercise (MEE).
“Stakeholder input is invaluable in this process. Your expertise, insights, and cooperation are crucial in ensuring that the MEE reflects an accurate picture of our risk environment, enabling government and regulatory bodies to implement appropriate policies and interventions,” he stated.
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He reiterated that financial crimes are a national threat that require continuous assessment and strategic enhancements.
“The fight against money laundering, terrorism financing, and other financial crimes requires the efforts of all stakeholders. As a country, we’ve made significant strides in strengthening our anti-money laundering and countering terrorist financing frameworks. However, emerging trends demand that we continuously assess and enhance our resilience against financial crimes,” he added.
Ing. Twum Boafo further explained that the MEE provides a critical opportunity for Ghana to identify vulnerabilities in its financial system, evaluate the effectiveness of existing mitigation measures, and develop comprehensive strategies to address gaps.
About the RME
The Mutual Evaluation Exercise (MEE) is conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and assesses a country’s anti-money laundering (AML) framework in line with the forty (40) recommendations of the Financial Action Task Force (FATF), the global watchdog on money laundering and terrorist financing.
Ghana has successfully passed the first two rounds of the evaluation, which focused on establishing institutions, legal frameworks, and policies. The third RME will now assess the effectiveness and enforcement of these measures.
With Ing. Kwadwo Twum Boafo’s leadership, there is strong optimism that Ghana will maintain its position as a country with a robust and credible anti-money laundering framework.
