The Chief Executive Officer of Financial Intelligence Centre (FIC), Ing Kwadwo Twum Boafo, has assured Ghanaians and the West African sub-region that his outfit, in collaboration with other governmental and ECOWAS institutions, is adequately prepared to clamp down on money laundering, terrorist financing, and proliferation financing in the region.
Speaking on the sidelines of the Second Extraordinary Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Ministerial Committee Meeting held in Accra on July 19, 2025, Ing Boafo acknowledged that perpetrators of financial crimes constantly devise new tactics to stay ahead of security agencies but emphasised that the FIC and its partners remain vigilant and proactive.
“Such illegal people really worry; they always come up with different tactics, but we are much prepared because the criminals will always want to have a step ahead, but we are on their trail,” he stated.
He further warned that money laundering is a serious offence often linked with tax evasion, cautioning individuals to desist from engaging in such illegal activities or face the full rigour of the law.
According to him, despite political and security challenges in some African countries, Ghana’s government agencies, including the Bank of Ghana and the Attorney General’s Department, are working tirelessly to curb these illicit financial activities.
Vice President, Professor Naana Jane Opoku-Agyemang, in her remarks, urged ECOWAS member states to unite in the fight against money laundering and terrorist financing to safeguard regional stability and economic integrity.
“The innocent flows of money and related crimes often thrive where coordination is weak and institutional presence is limited,” she noted.
She emphasised the need for deeper engagement with all West African countries, including those undergoing political transitions, to tackle transnational threats effectively.
According to her, strengthening regional cohesion and institutional collaboration is key to sustaining development and enhancing security.
The President of GIABA, Edwin W Harris Jr, highlighted the importance of intelligence sharing, transaction monitoring, and coordinated regional action to track and disrupt money laundering networks.
He revealed that Mali had made progress in exiting GIABA’s enhanced follow-up process in June 2025, while Nigeria and Burkina Faso are expected to make significant improvements by the next review meeting.
Deputy Minister of Finance, Thomas Nyarko Ampem, stressed the devastating impact of money laundering and terrorist financing on economic stability, governance, and social development.
He reaffirmed the Ministry of Finance’s commitment to supporting GIABA in developing robust policies and strengthening regional cooperation.
“Strong political will and solidarity are essential in tackling financial crimes.
“Our efforts contribute not only to regional security but to the long-term prosperity and financial integrity of our nations,” he said.
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