Preventing illicit financial transaction; Interior Minister calls for strengthening of Anti-Money Laundering laws

The Minister for the Interior, Mr. Mohammed Mubarak Muntaka, has called for a stronger legal framework to curb money laundering and illicit financial activities in Ghana.

At a meeting with representatives from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC) on Friday, Mr. Muntaka emphasized the need for greater collaboration among key stakeholders to enhance the effectiveness of Ghana’s anti-money laundering measures.

The Anti-Money Laundering Act, 2020 (Act 1044), establishes stringent regulations requiring financial institutions, including banks and insurance companies, to identify, report, and prevent suspicious transactions. Mr. Muntaka reiterated the government's commitment to supporting GIABA’s efforts in safeguarding the country’s financial system.

Mr. Edwin Harris, Director-General of GIABA, commended Ghana for its active role in strengthening its financial security framework. He highlighted the country’s progress, particularly with the passage of Act 1044, which enhances transparency and regulatory compliance.

Among the officials present at the meeting were Deputy Interior Minister Mr. Okletey Teilarbi, Acting Chief Director of the Ministry Mrs. Doreen Annan, and Acting CEO of the FIC Mr. Albert Kwadwo Twum Boafo.