Financial Intelligence Centre Chase 53 Companies …Over Suspicious Financial Transactions

As part of government’s efforts at combating corruption and making it unattractive in Ghana, the Financial Intelligence Center (FIC) has thrown its searchlight on some 57 companies and 25 entrepreneurs believed to have been involved in suspicious financial transactions, The New Publisher can report on good authority.

The FIC is the National Centre for the receipt and analysis of suspicious transaction reports and other information relevant to predicate offences of Money Laundering, Terrorist Financing and Proliferation Financing.

The Center, after painstaking analysis of the said financial transactions have reason to believe the management of the said 53 companies and their owners should have questions to answer.

A management source hinted The New Publisher that apart from the investigative analysis to establish that truly the financial laws of Ghana have been flouted therefore the law must take its course, the persons and companies found guilty would be named and shamed as scapegoats.

“Some of these companies look beautiful and holy on the outside but an analysis of their books revealed a lot of financial infractions in huge volumes. If our analysis reports gets proven in court, many would be jailed”, the source noted.

The list, as seen by The New Publisher, includes companies involved in cement production, agribusiness, the petrochemical sector, mining, pharmaceuticals, and construction among others.

OSP Collaboration.

Meanwhile, the Office of the Special Prosecutor has announced that his office is all set to cooperate with the FIC to fight corruption.

Mr. Kissi Agyabeng, the Special Prosecutor has said as part of efforts to reinforce collaboration in the fight against corruption and financial crimes, his office has reached out to the new leadership of the FIC, headed by the Chief Executive Officer, Kwadwo Twum Boafo – man with an allergy for acts of corruption

Kissi Agyebeng was accompanied by the OSP’s Director for Asset Recovery and Management, Albert Akurugu, and was received by the new CEO of FIC, Albert Kwadwo Twum Boafo, along with the Deputy Manager for Compliance, Sean Henry Osei, and Legal Executive, Angela Kafui Attakpahh.

The FIC

The Centre through the use of modern technology software (go-AML) has increased the filing of Suspicious Transactions Reports from reporting entities.

It is to disseminate actionable intelligence to competent authorities.

The Centre also has highly skilled and dedicated staff who through diverse ways continue to work effectively to address outstanding ML/TF related issues.

These strides could not have been possible without the support of stakeholders such as the law enforcement agencies, regulators, reporting entities, private sector and designated non-financial businesses and professions (DNFBPs)

The FIC was established by section 4 of the Anti-Money Laundering Act, 2008 (Act 749) as amended.

The FIC also has the mandate to request for additional information from Accountable Institutions and Designated Non-Financial Businesses and Professions (DNFBPs) in Ghana.

The DNFPs include lawyers, accountants, notaries, auctioneers, religious bodies, non-governmental organisations, real estate developers or agents, gaming sector, dealers in precious metals and precious stones and dealers in motor vehicles.

The FIC is part of a global network and can access timely information on criminals transcending national borders.

These networks include GIABA, EGMONT GROUP, ARIN-WA, and FFIUs among others.

The FIC also participates in a number of international fora and conferences where emerging trends of money laundering and terrorist financing schemes are shared for deepening awareness and also for monitoring purposes.