The Financial Intelligence Centre (FIC) of Ghana has launched an official investigation into McDan Group over concerns of potential money laundering.
The investigation comes after the FIC received intelligence suggesting large-scale financial transactions involving the company between January 2020 and December 2024.
A letter dated April 22, 2025, and marked confidential, was sent to the Managing Director of McDan Group, Daniel McKorley. The letter outlines the FIC’s request for specific financial documents as part of its investigation, which is being carried out under the Anti-Money Laundering Act, 2020 (Act 1044). The law grants the FIC the authority to demand financial data when there is suspicion of illicit financial activities.
As part of the probe, the FIC has demanded that McDan Group provide the following documents:
- All electronic fund transfers conducted between January 1, 2020, and December 31, 2024.
- Copies of cheques issued to third parties during the same period.
- Details of financial institutions used for payments.
The FIC’s letter notes that these documents are crucial for assessing the legitimacy of financial transactions linked to the business conglomerate, which operates across several sectors in Ghana. The Centre has given McDan Group seven days to respond to the request, in line with Section 37(4) of the Anti-Money Laundering Act.
Daniel McKorley, the Executive Chairman of McDan Group, confirmed receiving the FIC’s notice and has assured that the company is taking the matter seriously. McKorley stated in an interview with Joy News that he has instructed his accountants and legal team to respond promptly to the FIC’s inquiry. He also mentioned that the Group intends to issue a public statement by Friday, addressing the investigation and assuring stakeholders of its commitment to compliance.
The investigation marks another high-profile financial probe being led by the FIC, which has been intensifying efforts to clamp down on money laundering and other financial crimes in the country. Recently, the FIC has been involved in several investigations and has made significant strides in monitoring financial transactions linked to businesses and individuals suspected of financial misconduct.
McDan Group is now under scrutiny, joining a list of other businesses and individuals currently being investigated by the FIC. The ongoing investigation is still in its early stages, and authorities are working to determine whether any illicit financial activity is linked to the company’s operations.
The McDan Group has yet to disclose further details about the nature of the transactions under review, but the FIC’s request for information indicates that the authorities are concerned about the volume and potential irregularities in the financial dealings of the business over the last four years.
The outcome of this investigation could have significant implications for McDan Group, depending on the findings. Financial experts suggest that, should any wrongdoing be found, the company could face severe penalties under Ghana’s anti-money laundering laws.
For now, McDan Group’s legal and financial teams are focused on compiling the requested documents and responding to the FIC’s investigation in a timely manner.
