Eastern region: The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has backed a new structure for the Committee for Co-operation between Law Enforcement Agencies and the Banking Community (COCLAB) to strengthen the fight against financial crime.
According to Ghana Web, the revised structure will have two working groups focused on public sensitisation, information sharing, and investigations, supported by a steering committee made up of heads of member institutions to provide strategic direction. Speaking at the 2026 COCLAB Technical Committee workshop in the Eastern Region, Asante-Asiedu said the new structure would improve implementation, accountability, and cooperation among member institutions.
Asante-Asiedu emphasized that the success of COCLAB should not be measured by the number of meetings held or reports produced but by its impact on financial crime, including better intelligence sharing, successful investigations and prosecutions, asset recovery, and improved regulatory compliance. She highlighted the importance of outcomes such as stronger intelligence sharing, successful prosecutions, asset recovery, improved regulatory compliance, greater customer awareness, and a measurable reduction in financial crimes.
The restructuring is linked to the growing threat of financial crime, particularly as digital transactions continue to increase. Asante-Asiedu noted that fraud incidents across the financial ecosystem rose from 16,733 in 2024 to 24,778 in 2025, representing a 48% increase, while digital fraud incidents increased by 98% between 2022 and 2025. She further cautioned that Ghana must strengthen its systems to avoid being placed on the Financial Action Task Force (FATF) grey list, emphasizing the serious financial implications of the country's third-round mutual evaluation.
Asante-Asiedu affirmed the Bank of Ghana's commitment to supporting the new COCLAB structure and ensuring that the committee becomes more effective in preventing, detecting, and responding to financial crime. She stressed the importance of creating a deterrent effect on potential fraudsters to enhance the security of the financial sector.