McDan under investigation for money laundering
Daniel McKorley, the renowned Ghanaian businessman and founder of the McDan Group of Companies, is currently under investigation for alleged money laundering. The Financial Intelligence Centre (FIC) is actively probing financial transactions linked to McKorley and his businesses between 2020 and 2024.
FIC Demands Detailed Financial Records
According to reliable reports, the FIC has officially requested that the McDan Group furnish detailed financial records covering a four-year span. These records are expected to help determine whether there were any violations of Ghana’s Anti-Money Laundering Act.
A letter from the FIC to the Managing Director of the McDan Group stated:
“Intelligence received by the FIC indicates that your outfit received and paid various sums of money to several entities between January 2020 and December 2024.”
In line with Sections 36 and 37 of the Anti-Money Laundering Act, 2020 (Act 1044), the FIC is demanding the following:
- A record of all electronic fund transfers made from January 1, 2020, to December 31, 2024
- Copies of cheques issued to third parties within the same period
- The names of all financial institutions used for the above transactions
Companies Under the McDan Umbrella
Daniel McKorley owns a conglomerate of businesses under the McDan Group, including:
- McDan Shipping Company
- Aviation
- Logistics
- Electrochem Ghana Limited
Electrochem, in particular, has faced its own share of public controversies in recent years, drawing further scrutiny.
FIC Boss Intensifies Anti-Money Laundering Efforts
The investigation comes as the newly appointed Executive Director of the Financial Intelligence Centre, Ing Kwadwo Twum Boafo, ramps up efforts to curb money laundering and terrorism financing in Ghana. His administration is focusing on transparency, enforcement, and compliance with global anti-money laundering standards.
This latest move marks a significant moment in Ghana’s crackdown on illicit financial flows and underscores the government’s commitment to economic accountability.
Further developments are expected as the investigation progresses.
