Kwadwo Twum-Boafo, head of the Financial Intelligence Centre (FIC), has defended his outfit’s decision to freeze the accounts of Hajia4Reall’s associate, saying the move was part of a lawful money-laundering investigation.
He explained that the FIC was alerted to the individual’s lavish lifestyle and unusual financial activity, which included hosting an extravagant event at Independence Square.
“Lifestyle attracts attention. When someone spends far beyond their reasonable income, it’s a red flag,” Twum-Boafo stated on Hot Issues on TV3 monitored by MyNewsGh.
He revealed that the agency, working with the Bank of Ghana, invited the individual and his lawyers to explain the sources of their funds.
“You can’t assume that because somebody owns a business, the money is clean. We had to find out where the funds were coming from,” he added.
The FIC boss emphasized that his institution operates on intelligence and law, not speculation.
“If you’re money laundering, you’re not asking for privacy,” he said, highlighting that the agency uses advanced technology and partnerships with global institutions such as the FBI and British intelligence to track suspicious transactions.
Twum-Boafo maintained that the FIC’s proactive approach ensures swift intervention before illicit funds are moved beyond trace.
“We’ve had to up our game with cryptocurrency and other sophisticated schemes,” he said.
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