Push for Stronger AntiMoney Laundering Reforms – Dep. Finance Minister urges West African Monetary Authorities

By Praisebell Rosemond Larbi

Deputy Minister of Finance, Thomas Nyarko Ampem, has urged financial intelligence institutions and monetary authorities across West Africa to intensify efforts and push for stronger policies to combat money laundering, terrorist financing, and illicit financial flows that continue to threaten the sub-region’s financial integrity.

He made the call at the opening of the 2025 Joint Experts Meeting of the Financial Action Task Force (FATF) and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), which opened in Accra this week.

The meeting, hosted by Ghana’s Financial Intelligence Centre (FIC) in collaboration with the Ministry of Finance, has brought together financial intelligence units, central banks, law enforcement agencies, customs authorities, prosecutors, and international development partners to evaluate progress and chart new strategies to strengthen the region’s anti–money laundering (AML) and counter–terrorism financing (CFT) architecture.

Mr. Ampem said West African economies are increasingly exposed to complex forms of financial crime, from trade-based money laundering and cyber-enabled fraud to illicit gold and mineral smuggling. These, he said, have significant fiscal and governance implications, weakening revenue mobilization, deterring investment, and undermining sustainable growth.

“We must strengthen our institutions, close the regulatory gaps, and foster real-time intelligence sharing among countries in the region. This is the only way we can collectively protect our economies and ensure financial integrity,” he said.

He noted that Ghana has, in recent years, made significant strides in improving its AML/CFT framework through the establishment of risk-based supervision mechanisms and the passage of stronger legal instruments to support enforcement. The country, he said, remains committed to meeting FATF standards and working with the Economic Community of West African States (ECOWAS) to harmonize regional regulations.

The Deputy Minister commended GIABA for its continuous support in building institutional capacity across member states and for promoting peer learning in compliance monitoring, financial investigations, and the use of technology in detecting suspicious transactions.“The growing sophistication of financial crimes means we must innovate faster. This calls for deeper collaboration among our financial intelligence units, customs and border agencies, and international partners to trace and recover illicit assets that flow across our borders,” Mr. Ampem added.

On his part, the Director General of GIABA, Edwin Harris Jnr., reiterated the importance of collective responsibility and cooperation among member countries in tackling illicit financial flows that continue to fund transnational crime and extremism in parts of the region.

“Collaboration is key. No single country can win this fight alone. We must share data, intelligence, and best practices if we are to dismantle the networks behind these illicit activities,” he stated.

Mr. Harris Jnr. also highlighted the progress made by some member states in implementing the Mutual Evaluation Reports (MERs) and enhancing compliance with FATF Recommendations, but stressed that more needs to be done to address deficiencies in beneficial ownership transparency, asset recovery frameworks, and the supervision of designated non-financial businesses and professions (DNFBPs).

Representatives from the World Bank, IMF, Interpol, and the European Union participated in the technical sessions, focusing on capacity building, cross-border intelligence cooperation, and the use of financial data analytics in disrupting criminal networks.

The week-long experts meeting is expected to produce a set of recommendations to guide the next phase of regional reforms and support the development of a harmonized West African Action Plan for 2026–2030, aligning national priorities with the FATF’s Global Strategic Vision.

The discussions form part of ongoing efforts by West African countries to align with international standards and prevent the region from being used as a conduit for money laundering and terrorist financing activities.

Officials say the outcome of the Accra meeting will feed into the next GIABA Ministerial Committee Summit, where member states will adopt commitments toward building resilient, transparent, and inclusive financial systems that promote long-term stability and growth.