GHANA STRENGTHENS ANTI-MONEY LAUNDERING REGULATIONS

Warning Issued to Accountable Institutions

The Bank of Ghana and the Financial Intelligence Centre have issued a stern warning to accountable institutions in the country, emphasizing the need for high ethical standards in business dealings and cautioning against relationships that may facilitate money laundering, terrorism financing, and proliferation of weapons of mass destruction.

Compliance with AML/CFT Regulations

Under the Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regime, accountable institutions are mandated to comply with stringent requirements aimed at preventing illicit financial activities. The Bank of Ghana and the Financial Intelligence Centre are responsible for ensuring that all accountable institutions regulated by the central bank adhere to these requirements.

Expected Vigilance from Accountable Institutions

Accountable institutions in Ghana are expected to maintain a high level of vigilance and avoid engaging in business relationships or transactions that may be susceptible to:

• Money laundering: concealing the proceeds of illicit activities
• Terrorism financing: supporting terrorist organizations
• Proliferation of weapons of mass destruction: facilitating the spread of deadly technologies

Consequences of Non-Compliance

Failure to comply with AML/CFT regulations may attract severe penalties.

Strengthening Ghana’s Anti-Money Laundering Framework

The move is part of ongoing efforts by the Bank of Ghana and the Financial Intelligence Centre to strengthen Ghana’s anti-money laundering framework and ensure that the country’s financial system remains resilient against illicit activities.