BoG warns against return to FATF grey list as financial crime risks rise

Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, has cautioned that Ghana must intensify its efforts to combat financial crime to prevent a return to the FATF grey list. She emphasized this during the inauguration of the 2026 Technical Committee Workshop of the COCLAB, an organization that fosters cooperation between law enforcement agencies and the banking community.

The outcome of Ghana's recent mutual evaluation has substantial implications, as it's crucial for institutions combating financial crime to enhance collaboration and enforcement.

Asante Asiedu noted that the financial repercussions of being grey-listed could be significant, stating, "We definitely don’t want to go back there to being grey-listed." She highlighted the success of recent collaborative efforts under COCLAB, which resulted in the arrest of 430 individuals, including three foreign nationals, in an intelligence-led operation targeting illegal online operators in parts of Accra.

These efforts have also contributed to disrupting fraud syndicates, recovering illicitly transferred funds, and supporting successful investigations and prosecutions, such as the conviction of a bank employee sentenced to 10 years in prison for embezzling GH¢1.2 million.

The warning comes amidst a surge in financial crime shifting towards digital platforms. According to the Bank of Ghana's 2025 fraud report, fraud incidents across the financial ecosystem surged from 16,733 in 2024 to 24,778 in 2025, marking a 48% increase. While traditional banking fraud declined, cases involving digital transactions surged by 98% between 2022 and 2025.

Asante Asiedu stressed that the evolving nature of financial crime necessitates a strategic and proactive approach, as criminals exploit increased digital financial services. To address this, COCLAB is being restructured to focus on public sensitization, information sharing, and investigation through dedicated working groups and a steering committee of heads of member institutions.

Asante Asiedu stressed that the success of collaboration should be measured by outcomes such as stronger intelligence sharing, successful investigations and prosecutions, asset recovery, improved regulatory compliance, and a measurable reduction in financial crime. She emphasized the importance of these efforts to maintain Ghana's financial system confidence and avoid the potential financial consequences of returning to the FATF grey list.