Increasing Scrutiny on Financial Activities in Ghana’s Business Sector
The Financial Intelligence Centre (FIC) of Ghana has launched an investigation into McDan Group amid allegations of money laundering. This follows a confidential letter dated April 22, 2025, sent to McDan Group’s Managing Director. The FIC, operating under the Anti-Money Laundering Act, 2020 (Act 1044), has highlighted concerns regarding substantial sums of money transacted by the company with various entities from January 2020 to December 2024.
As part of this probe, the FIC has invoked Sections 36 and 37 of Act 1044, which empower the agency to request comprehensive financial data to investigate potential financial crimes. The letter specifically demands McDan Group to furnish records of all electronic fund transfers and copies of cheques issued to third parties between January 2020 and December 2024. Additionally, the company must disclose details of the financial institutions involved in these transactions.
The FIC has given McDan Group a seven-day deadline to comply with these requests, as stipulated by Section 37(4) of the Anti-Money Laundering Act. This investigation is the latest in a series of high-profile financial examinations spearheaded by the FIC under its current leadership, aiming to uncover and curb financial misconduct.
McDan Group now finds itself among a growing list of companies and individuals under the FIC’s scrutiny. This initiative is part of Ghana’s broader effort to reinforce financial integrity and transparency in its business sector, which has seen heightened scrutiny in recent times due to increasing cases of financial misdeeds.
Source: 3News