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Effective Anti-Money Laundering Regimes: Key Points and Recommendations
Defining Substantial Control and Economic Benefits
The definition of “substantial control” and “substantial economic benefits” is crucial for an effective anti-money laundering regime. A clear understanding of these terms helps countries regulate and detect money laundering-related offences.
- The definition of “substantial control” and “substantial economic benefits” is essential for an effective anti-money laundering regime.
- A clear understanding of these terms helps countries regulate and detect money laundering-related offenses.
Identifying and Mitigating Risk
Risk assessments are essential for identifying high-risk areas that require enhanced due diligence measures. Top-scoring countries have conducted recent risk assessments, involving external stakeholders, such as financial institutions, designated non-financial bodies, and civil society organizations. The results of the assessment should be communicated to financial institutions and DNFBPs, and made public.
- Risk assessments are essential for identifying high-risk areas that require enhanced due diligence measures.
- Top-scoring countries have conducted recent risk assessments involving external stakeholders such as financial institutions, designated non-financial bodies, and civil society organizations.
- The results of the assessment should be communicated to financial institutions and DNFBPs and made public.
Acquiring Beneficial Owner Information
Information on beneficial ownership should be adequate, accurate, and current, both at the time of incorporation and over time. Companies should ensure that actual beneficial owners are identified, not just legal owners. The information must be available in the jurisdiction where the company is incorporated, even if it does not have a physical presence there.
- Information on beneficial ownership should be adequate accurate and current both at the time of incorporation and over time.
- Companies should ensure that actual beneficial owners are identified not just legal owners.
- The information must be available in the jurisdiction where the company is incorporated even if it does not have a physical presence there.
Recommendations for Ghana
Based on these points, here are some recommendations:
Defining Substantial Control and Economic Benefits
No legislative change is needed, as the definition is already in line with the principle. However, further clarification or guidance may be necessary to ensure a consistent understanding of these terms across different jurisdictions.
- No legislative change is needed as the definition is already in line with the principle.
- Further clarification or guidance may be necessary to ensure a consistent understanding of these terms across different jurisdictions.
Identifying and Mitigating Risk
Ghana should communicate the results of its risk assessment to financial institutions and relevant DNFBPs. The country should also make the results public, as is the practice in top-scoring countries.
- Ghana should communicate the results of its risk assessment to financial institutions and relevant DNFBPs.
- The country should also make the results public as is the practice in top-scoring countries.
Acquiring Beneficial Owner Information
Ghana should require legal entities to maintain information on all natural persons who exercise ownership or control of the legal entity, regardless of whether they have a physical presence in the country. The law should also require shareholders to declare if control is exercised by a third person and for beneficial owners and shareholders to inform the company when there are changes in ownership.
- Ghana should require legal entities to maintain information on all natural persons who exercise ownership or control of the legal entity regardless of whether they have a physical presence in the country.
- The law should also require shareholders to declare if control is exercised by a third person and for beneficial owners and shareholders to inform the company when there are changes in ownership.