Q1. What is the Financial Intelligence Centre?
The Financial Intelligence Centre was established in accordance with section 4 of the Anti-Money Laundering Act, 2008 (Act 749) as amended- as a body corporate with perpetual succession mandated by law to request, receive, Analyse, interpret and disseminate financial intelligence in Ghana and abroad.
Q2. What are the functions of the Centre?
The functions of the FIC are provided under section 6 of the Anti-Money Laundering Act, 2008, (Act 749), as amended :
· Request, receive, analyse, interpret and disseminate information concerning suspected proceeds of crime and terrorist property, as provided for under the Act or any other law.
· Retain information in the manner and for the period required under the Act.
· Co-orperate with the Ghana Revenue Authority to ensure compliance of the Act by Designated Non-Financial Businesses and Professions (DNFBPs).
· Inform, advise and co-operate with investigating authorities, supervisory bodies, the revenue agencies, the intelligence agencies and foreign counterparts; and
· Monitor and give guidance to accountable institutions, supervisory bodies and other persons on the discharge of their duties and in compliance with the Act.
Q3. What is Money Laundering?
It is the process by which proceeds from criminal activities are disguised to conceal their illicit origin.
It is a derivative offence which is committed after a predicate economic or financial crime had been committed.
Q4. What are the stages of money laundering?
Q5. What is terrorist financing?
TF can be defined in simple terms as the financial support, in any form, of terrorism or of those who encourage, plan or engage in terrorism.