Kwadwo Twum Boafo is the CEO of FIC
The Chief Executive Officer of the Financial Intelligence Centre (FIC), Kwadwo Twum Boafo, has expressed concern over the reluctance of some financial institutions to share information with the FIC during investigations into individuals suspected of money laundering in the country.
According to him, several financial institutions have faced legal trouble for failing to provide the necessary information to the anti-money laundering agency.
Speaking on Hot Issues on TV3 on November 9, 2025, Twum-Boafo revealed that a bank attempted to shield one of its largest depositors, who is currently under investigation for money laundering.
He stated that although the bank failed to release concrete information, the case is now in court.
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“There have been instances in which some financial institutions have gotten into serious trouble for not providing us with information in a timely manner. This year, in a particular case currently in court, the individual involved was the largest depositor in a certain bank. The required information was not forthcoming, but we finally obtained it,” he said.
He added that money laundering activities send negative signals to investors and foreign expatriates, significantly damaging the country’s reputation on the global stage.
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