The Financial Institution Centre (FIC), an institution mandated to combat Money Laundering and Terrorism Financing (ML/TF), has inaugurated new board members.
The new board members are expected to champion the FIC’s mandates, including playing a vital role in the fiscal space of the country’s economy.
In a remark, Chairman of the board, COP. Frank Adu-Poku, urged the newly inaugurated members to help fight the menace of money laundering that has a likelihood of putting Ghana on the Financial Action Task Force (FATF) blacklist.
“I strongly believe that I will need the support and cooperation of all the newly constituted members of FIC’s board to execute our onerous mandate. We should commit ourselves as a board to help fight and avoid the menace of money laundering, which if not well controlled will ultimately lead to blacklisting – with its attendant economic, political and social implications for our dear country,” he said
He is confident that with such a rich background of members coming from accounting, security and intelligence, legal and finance, with support from the Ministry of Finance, Bank of Ghana and other stakeholders, there is no doubting they will deliver on their mandate.
After swearing-in the new board, Deputy Minister of Finance Abena Osei Asare commended FIC for the lead role it played in getting Ghana off the Financial Action Task Force grey list; adding that this has revived confidence in the economy and placed the country on a high pedestal as far as its anti-money laundering regime is concerned.
“It is my hope that you will continue working hard to sustain the gains made, so we do not get back to where we came from. Today, you have a new Act: AML Act 2020Act 1044). I believe this new Act has addressed all loopholes in the previous one and will assist you to deliver even more,” she noted.
She also assured the board that government will continue to provide the needed resources to help them build upon the solid foundation that has been laid.
FIC was established by Section 4 of the Anti-Money Laundering (AML) Act, 2008 (Act 749) as amended, to assist in the identification of proceeds from unlawful activity; assist in the combat of money laundering activities, financing of terrorism; financing the proliferation of weapons of mass destruction, and any other transnational organised crime.
Aside from these, the FIC also collaborates with revenue authorities to combat tax evasion and other tax crimes.
The new board members include the chairperson, COP. Frank Adu-Poku (rtd.); the Chief Executive Officer and former Deputy Director of Bureau of National Investigations (BNI) Kwaku Dua; Deputy Minister for Finance and Member of Parliament for Ejisu, John Ampontuah Kumah; Director legal of the Ministry of National Security, Osei Bonsu Dickson; and the Director and Head of Financial Stability at the Department of Bank of Ghana, Dr. Joseph France.
Also, Nana Domtie Onwona-Kwakye, and finally COP. Maame Yaa Tiwaa Addo-Danquah.