The Interior Minister, Mohammed Mubarak Muntaka, has called for the strengthening of Ghana’s anti-money laundering laws to curb illicit financial transactions and enhance the country’s economic security.
Speaking at a meeting with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC) on Friday, March 21, Muntaka emphasized the need for collaboration among key stakeholders to achieve meaningful progress in the fight against financial crimes.
He reiterated the government’s unwavering commitment to supporting GIABA in its efforts to maintain a safe and transparent financial system.
Ghana’s Anti-Money Laundering Act, 2020 (Act 1044) outlines stringent compliance requirements for banks, insurance companies, and other financial institutions to detect, report, and prevent illicit transactions. While the legislation marks a significant step forward, Muntaka stressed the importance of continuous review and enforcement to keep pace with evolving financial threats.
Leading the GIABA delegation, Director-General Mr. Edwin Harris commended Ghana for its active participation in the group’s initiatives. He acknowledged the country’s notable progress in strengthening its anti-money laundering framework, particularly with the passage of Act 1044, which aims to enhance transparency in financial transactions.
The meeting was attended by key government officials, including Deputy Interior Minister Mr. Okletey Teilarbi, Acting Chief Director of the Ministry Mrs. Doreen Annan, and Acting Chief Executive Officer of FIC Mr. Albert Kwadwo Twum Boafo, among others.