The Financial Intelligence Center (FIC), as part of its heightened operation to stop all forms of illicit financial transactions and make it unattractive in Ghana has launched an investigation into a list of companies including the McDan Group over yet to be proven suspicions of money laundering.
The operations against illicit financial transactions heightened under the new leadership of the FIC and so far some 15 top names in the business sector have been answering questions with some of them having their bank accounts frozen.
Companies registered and owned by Nigerian, Lebanese and Indian nationals top the watch list of persons under surveillance and their areas of operations range from real estate and hospitality, cargo and transportation, cement production, agribusiness, the petrochemical sector, mining, pharmaceuticals, and construction among others
A deep-throat from the FIC said the Center has received and looked into worrying intelligence which suggests that there is the need to investigate large volumes of money the McDan Group made to and received from various entities between January 2020 and December 2024.
In this regard, the FIC, fortified by sections 36 and 37 of the Anti-Money Laundering Act, 2020 (Act 1044) has officially written to the McDan Group to request documentation on all electronic fund transfers conducted between January 1, 2020, and December 31, 2024.
The FIC letter also requested copies of cheques issued to third parties between January 1, 2020, and December 31, 2024 and the details of the financial institutions used for the payments. The company has a period of seven days of receipt of the letter to respond to the FIC’s requests as required by Section 37(4) of the Anti-Money Laundering Act.
The Executive Chairman of the McDan Group, Daniel McKorley, has confirmed receipt of the FIC notice and told Joy News he has instructed his accountants and lawyers to respond to the inquiry.
It is early date yet and the FIC letter to the McDan Group is not pronouncement of guilt.
The FIC is the National Centre for the receipt and analysis of suspicious transaction reports and other information relevant to predicate offences of Money Laundering, Terrorist Financing and Proliferation Financing.
The Center, after painstaking analysis of the said financial transactions have reason to believe the management of the said 53 companies and their owners should have questions to answer.
A management source hinted The New Publisher that apart from the investigative analysis to establish that truly the financial laws of Ghana have been flouted therefore the law must take its course, the persons and companies found guilty would be named and shamed as scapegoats.
“Some of these companies look beautiful and holy on the outside but an analysis of their books revealed a lot of financial infractions in huge volumes. If our analysis reports get proven in court, many would be jailed”, the source noted.
Meanwhile, the Office of the Special Prosecutor has announced that his office is all set to cooperate with the FIC to fight corruption.
Mr. Kissi Agyabeng, the Special Prosecutor has said as part of efforts to reinforce collaboration in the fight against corruption and financial crimes, his office has reached out to the new leadership of the FIC, headed by the Chief Executive Officer, Kwadwo Twum Boafo – man with an allergy for acts of corruption.
