Interior Minister calls for strengthening of Anti-Money Laundering laws

The Minister for the Interior, Mr. Mohammed Mubarak Muntaka, has called for stronger anti-money laundering laws in Ghana. He aims to prevent illicit financial transactions.

The Anti-Money Laundering Act, 2020 (Act 1044) includes strict regulations. These laws require banks, insurance companies, and other financial institutions to detect and report illegal transactions.

Mr. Muntaka spoke at a meeting with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC). He emphasized the need for greater collaboration among stakeholders.

He highlighted the Government’s commitment to supporting GIABA's efforts. This support aims to maintain a safe and secure financial environment.

Mr. Edwin Harris, Director-General of GIABA, led the delegation at the meeting. He acknowledged Ghana’s active role in GIABA's operations and encouraged ongoing collaboration.

Mr. Harris noted that Ghana has made significant progress in its anti-money laundering efforts. The passage of the Anti-Money Laundering Act, 2020 (Act 1044) promotes greater transparency in financial transactions.

Other attendees included Mr. Okletey Teilarbi, Deputy Interior Minister; Mrs. Doreen Annan, Acting Chief Director of the Ministry; and Mr. Albert Kwadwo Twum Boafo, Acting CEO of the FIC.