Interior Minister Muntaka calls for strengthening of anti-money laundering laws

Mr Mohammed Mubarak Muntaka, the Minister of the Interior, has called for strengthening of Ghana's anti-money laundering laws to prevent illicit financial transactions.

The Anti-Money Laundering Act, 2020 (Act 1044) is a collection of regulations and laws that set stringent compliance requirements for banks, insurance companies and other financial institutions to detect, report and prevent illicit transactions.

At a meeting with the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Intelligence Centre (FIC) on Friday, Mr Muntaka called for collaboration between the stakeholders to achieve the desired outcomes.

He emphasised the Government's commitment to supporting GIABA's work in maintaining a safe and secure financial environment.

Mr Edwin Harris, the Director-General of GIABA, who led the delegation, acknowledged Ghana's active participation in the operations of the group and encouraged continued collaboration.

He said Ghana had made significant progress in strengthening its anti-money laundering laws, with the passage of the Anti-Money Laundering Act 2020 (Act 1044) to ensure transparency in financial transactions.

Present at the meeting were Mr Okletey Teilarbi, the Deputy Interior Minister, Mrs Doreen Annan, the Acting Chief Director of the Ministry, and Mr Albert Kwadwo Twum Boafo, the Acting Chief Executive Officer of FIC, among other officials.

GNA