The Chief Executive Officer of Financial Intelligence Centre (FIC), Albert Kwadwo Twum Boafo has said a persons’ lifestyle is the first point of attraction for the FIC to investigate any individual or entity.
Speaking in an interview on TV3’s Hot Issues, Sunday, November 9, 2025, Mr. Boafo explained that in the case of the founder of Bills Micro Credit, Richard Nii Armah Quaye, his luxurious 40th birthday at the Independence Square was what attracted the FIC to investigate the business mogul.
“Lifestyle,” he said when asked what will cause the Centre to investigate an individual or entity.
“I will give you an example. Richard Nii Armah Quaye, he had a massive party at the Independence Square. It caught our attention and we set out to investigate him, we did a thorough investigation, FIC, BoG,” he added.
Mr. Boafo noted that after a thorough investigation by the FIC, the anti-money laundering agency concluded that Richard Nii Armah Quaye has legitimate businesses, has done no wrong but only organised such luxurious party to show off.
“We invited him over together with his lawyers, we had a thorough investigation of his operations, his taxes, his businesses and we found out that perhaps what he did that he shouldn’t have done was to attract attention because he really done nothing,” he stressed.
He added that the FIC frooze Richard Nii Armah Quaye’s accounts because of suspicions that he may be involved in money laundering.
He said the Centre was interested in knowing his source of income or the origin of his funds.
“Money laundering, you want to know the origin of where those funds came from because it looked suspicious,” he stated.
The Financial Intelligence Centre (FIC) investigated Richard Nii-Armah Quaye for alleged financial irregularities but ultimately cleared him of any wrongdoing.
The FIC initiated an investigation into Richard Nii-Armah Quaye, the founder of Bills and Quick Angels Limited, and froze his bank accounts in March 2025 as part of a broader inter-agency probe. The action was taken under Ghana’s anti-money laundering framework.
In October 2025, the Chief Executive Officer of the FIC, Kwadwo Twum Boafo, confirmed that the investigation had concluded and found no evidence of criminality or financial misconduct.
The FIC subsequently unfroze his accounts, officially closing the case.
