FIC Launches Money Laundering Probe into McDan Group
The Financial Intelligence Centre (FIC) has commenced a formal investigation into the McDan Group over alleged money laundering activities, according to sources close to the matter.
The probe, which remains in its preliminary stages, seeks to ascertain whether financial transactions undertaken by the McDan Group breached Ghana’s anti-money laundering laws. The FIC has formally written to the company requesting specific documents and financial records to aid its ongoing assessment.
Executive Chairman of the McDan Group, Dr. Daniel McKorley, confirmed in an interview that the company had received official notice from the FIC and has since tasked its legal and accounting teams to cooperate fully with the Centre.
“We have received the request and are taking it seriously,” Dr. McKorley noted. “Our accountants and lawyers have been instructed to respond appropriately, and we intend to issue a public statement by Friday.”
While details of the investigation remain scant at this point, regulatory authorities are said to be scrutinising the group’s financial flows and business dealings to determine if any suspicious activity has occurred.
The McDan Group, a prominent Ghanaian business conglomerate with interests spanning logistics, aviation, and real estate, has in recent years expanded its footprint both locally and internationally.
The FIC’s move forms part of broader efforts by regulatory agencies to clamp down on illicit financial flows and ensure compliance with anti-money laundering (AML) standards, especially among large corporate entities.
The Centre, which operates under Ghana’s Anti-Money Laundering Act, has increased its surveillance of high-risk sectors and businesses, particularly in light of recent recommendations by the Financial Action Task Force (FATF) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
More details are expected in the coming days as the McDan Group responds to the FIC’s queries and as the investigation progresses.
