The Minister for the Interior, Mr. Mohammed Mubarak Muntaka, has called for a review and strengthening of Ghana‘s anti-money laundering laws to curb illicit financial activities. Ghana’s Interior Minister is advocating for stricter anti-money laundering laws to combat financial crimes and safeguard the country’s economy. Emphasizing the need for stronger regulatory frameworks, the minister highlighted the rising threats of illicit financial activities and their impact on national security.
He stressed the need for more robust measures to prevent illegal transactions during a meeting with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC) on Friday.
Ghana’s current Anti-Money Laundering Act, 2020 (Act 1044), sets strict compliance standards for banks, insurance companies, and other financial institutions to detect, report, and prevent unlawful transactions. However, Mr. Muntaka believes further strengthening of the law is necessary to address evolving threats and ensure greater efficiency.
“There is a need for stronger collaboration among stakeholders to enhance our efforts in combating money laundering and other financial crimes,” Mr. Muntaka stated.
He reaffirmed the government‘s commitment to supporting GIABA’s mission to maintain a secure and transparent financial system.
Mr. Edwin Harris, Director-General of GIABA, led the delegation at the meeting and praised Ghana’s active participation in the group’s initiatives.
He noted that the passage of Act 1044 marked significant progress in improving transparency within the country’s financial sector.
“Ghana has made commendable strides in strengthening its anti-money laundering regime, but continuous collaboration is essential to sustaining these achievements,” Mr. Harris emphasized.
Also present at the meeting were Mr. Okletey Teilarbi, Deputy Interior Minister; Mrs. Doreen Annan, Acting Chief Director of the Ministry; and Mr. Albert Kwadwo Twum Boafo, Acting Chief Executive Officer of the FIC, along with other officials.
The call for stronger anti-money laundering measures comes amid growing concerns about the increasing sophistication of financial crimes and the need to safeguard the integrity of Ghana’s financial system.
