Major Update in Ghana’s Anti-Money Laundering Oversight
Ghana’s Financial Intelligence Centre (FIC) has officially cleared prominent businessmen Daniel McKorley (also known as McDan) and Richard Nii Armah‑Quaye after extensive investigations found no evidence of financial misconduct. As a result, the bank accounts of both entrepreneurs, which had been frozen during an inter-agency probe, have now been unfrozen.
According to the statement, both business figures co-operated fully with the FIC, providing detailed explanations of their operations—leading the agency to lift all restrictions. FIC CEO Kwadwo Twum Boafo emphasised that the decisions were strictly based on evidence and due process, without external influence.
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What Happened & What It Means
- McDan and Armah-Quaye had previously been under scrutiny when their accounts were frozen in connection with alleged financial irregularities.
- The FIC’s clearance sends a message of transparency and fairness in Ghana’s financial regulation landscape, reinforcing confidence in anti-money laundering mechanisms.
- The result also frees the businessmen to resume business activities without the constraints of frozen assets, signalling a positive step for Ghana’s business environment.
- FIC’s statement reminded the public that its role is not to persecute individuals but to protect the integrity of Ghana’s financial system.
Next Steps & Broader Implications
The FIC’s action highlights Ghana’s efforts to strengthen financial oversight, combat money-laundering and enhance business confidence. At the same time, it raises questions about how investigations are initiated and resolved, and the impact of frozen assets on live businesses pending clearance.
