Glossary of Financial Crime Terms in Ghana

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The fight against financial crimes such as money laundering and terrorist financing requires a common understanding of technical terms used by regulatory bodies, law enforcement agencies, and financial institutions. This glossary aims to provide clarity on key terminology.

Benin Follow-Up Report 2023: Ghana’s Progress in Implementing FATF Recommendations

Ghana has made significant progress in implementing the Financial Action Task Force (FATF) Recommendations, a set of standards aimed at preventing and combating financial crimes. The country’s Benin Follow-Up Report 2023 assesses its compliance with these recommendations.

Compliance Ratings

• C: Compliant
• LC: Largely Compliant
• PC: Partially Compliant
• NC: Non-Compliant

Key Recommendations

The following is a list of key FATF Recommendations and Ghana’s compliance status:

1. Assessing risk and applying a risk-based approach (R.1) - LC
2. National cooperation and coordination (R.2) - LC
3. Money laundering offence (R.3) - LC
4. Confiscation and provisional measures (R.4) - PC
5. Terrorist financing offence (R.5) - PC
6. Targeted financial sanctions related to terrorism and terrorist financing (R.6) - LC
7. Targeted financial sanctions related to proliferation (R.7) - LC
8. Non-profit organisations (R.8) - NC
9. Financial institution secrecy laws (R.9) - C
10. Customer due diligence (R.10) - PC

…and 35 more recommendations.

Conclusion

This glossary provides a valuable resource for stakeholders in Ghana’s financial sector, enabling them to better understand the complex terminology used in the fight against financial crimes.