The Chief Executive Officer of Financial Intelligence Centre (FIC), Kwadwo Twum-Boafo has disclosed that certain financial institutions do not release information to the Centre on time to assist with investigation of persons suspected to be involved in money laundering.
In an interview on TV3’s Hot Issues, Sunday, November 9, 2025 he narrated how a certain bank was reluctant to furnish the Centre with information about its largest depositor who was being investigated for possible money laundering case this year.
Although, he fell short of disclosing the said bank and the individual in question, he said the case is in court.
He noted that however, the FIC managed to get the information it needed for the investigations.
He stressed that several financial institutions have been in trouble one way or the other for failing to provide the anti-money laundering agency with information.
“There have been instances in which some financial institutions have been in a lot of trouble for not giving us the information in a timely manner this year in a particular case in court.
“This particular individual was the largest depositor in a certain bank and so the information that was needed was not forthcoming but we finally got it.
“The case is in court and the person is on trial,” he said.
According to him, the FIC reports to the Bank of Ghana any bank that flagrantly refuses to give information to the Centre to aid their investigation.
He added that some Western Ambassadors in Ghana are concerned about the proliferation of real state in Ghana with possible proceeds of money laundering.
“We have been taking to task especially the Western Embassies; they have been very concerned. I have had meetings with a few of the Ambassadors who are concerned about the spate of Real Estate proliferation in Accra,” he remarked.
Source: 3news.com By Raphael Ghartey
