Business News of 2014-06-10

GFIC admitted to Egmont Group

The Ghana Financial Intelligence Centre (GFIC) has been admitted into the Egmont Group. It is amongst the eight new members and the only Financial Intelligence Unit (FIU) from GIABA member States admitted at the on-going 22nd Egmont Plenary holding in Lima, Peru.

This brings membership of the Egmont Group across the world to 147 FIUs. The Toronto-based Egmont Group is the global network of Financial Intelligence Units.

The group was established in 1995 at the Egmont Arenberg Palace in Brussels, Belgium and its main objective is to promote the development of FIUs and cooperate on information exchange among its members in support of the global Anti- Money Laundering and Combating the Financing of Terrorism (AML/CTF) efforts.

The Egmont Group status confers on GFIC all the benefits of Egmont membership, including unfettered access to a wide range of information through the Egmont Secure Web (ESW) in support of national and global AML/CFT campaign. All member States of GIABA have established FIUs in their countries and these FIUs are at various stages of development.

FIUs are national agencies responsible for receiving and analyzing Suspicious Transaction Reports (STRs) and other information relevant to money laundering, and for disseminating the results of the analysis to other competent authorities.

This is a key task in the fight against money laundering and terrorist financing. In a release, GIABA congratulated the government and authorities of Ghana, especially the CEO and staff of the GFIC for the feat, and reaffirmed its continued commitment to support the Egmont membership drive of all GIABA non-member Egmont FIUs.

This development brings the total number of Egmont Group members in GIABA to seven.

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