The Financial Intelligence Centre (FIC) has formally requested the McDan Group to submit detailed financial records, including electronic transfers and cheque payments, as part of an investigation into suspected money laundering activities.
The directive, issued under Sections 36 and 37 of Ghana’s Anti-Money Laundering Act (2020), mandates the conglomerate to provide transaction details from January 2020 to December 2024.
Key Details of the FIC’s Request
• Scope: The FIC seeks records of all electronic fund transfers and copies of cheques issued to third parties during the specified period, along with the financial institutions involved.
• Legal Basis: The demand leverages the FIC’s authority to combat money laundering and terrorist financing, as outlined in its mandate to analyze suspicious transactions and collaborate with law enforcement.
• Deadline: McDan Group is required to respond within seven days, per Section 37(4) of Act 1044
The move follows recent scrutiny of McDan Group’s financial dealings, including a separate dispute with the Ghana Airport Company Limited (GACL) over alleged unpaid fees. While this specific request focuses on broader transaction patterns, it underscores heightened regulatory oversight of corporate financial practices in Ghana.
The FIC, which collaborates with international bodies like the Egmont Group and GIABA, has intensified efforts to curb illicit financial flows, a challenge highlighted by experts as critical to Africa’s economic stability.
Failure to comply with the request could result in sanctions under Ghana’s AML framework, similar to recent penalties imposed on non-compliant banks by the Bank of Ghana.
Source: www.kumasimail.com /Kwadwo Owusu
