Financial Intelligence Centre (FIC) CEO, Kwadwo Twum-Boafo, has expressed concern over the slow pace at which some banks report suspicious financial transactions, saying delays allow illicit funds to escape detection.
In an interview on Hot Issues on TV3 monitored by MyNewsGh, Twum-Boafo noted that despite legal obligations, certain banks fail to provide timely reports, often due to internal bureaucracy.
“Sometimes information gets mired in processes, and by the time it reaches us, the money has already moved,” he said.
He disclosed that the FIC relies heavily on the banks’ compliance units to identify suspicious activities but warned that subjectivity in decision-making leaves loopholes.
“There is no fixed threshold. It’s largely based on discretion, and that can be problematic,” he explained.
Twum-Boafo confirmed that institutions that deliberately withhold information are reported to the Bank of Ghana.
“If we determine there’s a flagrant attempt to hide data from us, we escalate it. Some banks have been sanctioned,” he revealed.
The FIC, he added, is working closely with national and international security agencies, including the police, national security, and YOKO, to trace funds linked to armed robbery, fraud, and terrorism financing.
“Our job is to stay ahead of the criminals,” he said, calling for stronger cooperation from financial institutions to safeguard Ghana’s economy.
