What do you know about the Financial Intelligence Centre (FIC)?

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

It is a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.  

The FIC may for the performance of its functions acquire and hold movable and immovable property and may enter into a contract or any other transaction.

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 (ML/TF&P) and disseminating actionable intelligence to competent authorities.

The FIC also has the mandate to request 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, the 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 several international fora and conferences where emerging trends of money laundering and terrorist financing schemes are shared for deepening awareness and also for monitoring 
purposes.

Since its establishment, the FIC has instituted several measures geared towards improving Ghana’s Anti-Money laundering/ Combating the Financing of Terrorism (AML/CFT) regime. 

The Centre through the use of modern technology software (go-AML) has increased the filing of Suspicious Transactions Reports from reporting entities. 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 law enforcement agencies, regulators, reporting entities, the private sector and designated non-financial businesses and professions (DNFBPs).

Its current Chief Executive Officer is Mr Kwaku Dua.