Ghana Intensifies Fight Against Money Laundering and Terrorism with Strengthened Anti-Money Laundering Policies

The Government of Ghana has made significant strides in enhancing its anti-money laundering (AML) policies over the years. The passage of key legislation, including amendments and new regulations, has strengthened the country’s efforts to combat money laundering, terrorism, and proliferation financing.

Strengthened Legislation

Anti-Money Laundering Act, 2008 (Act 749)

The passage of the Anti-Money Laundering Act in 2008 marked a significant milestone in Ghana’s fight against financial crimes. This legislation was amended in 2014 with the introduction of Act 874, further solidifying Ghana’s commitment to preventing money laundering.

Anti-Terrorism Act, 2008 (Act 762)

The Anti-Terrorism Act, also passed in 2008, demonstrates Ghana’s determination to combat terrorism and its financing.

Additional Regulations

Anti-Money Laundering Regulations, 2011 (L.I.1987)

The introduction of the Anti-Money Laundering Regulations in 2011 further reinforced Ghana’s commitment to preventing financial crimes.

Revised Anti-Money Laundering Act, 2020 (Act 1044)

In a significant development, the revised Anti-Money Laundering Act was passed in 2020, taking Ghana’s AML policies to new heights. This legislation has enabled the country to stay ahead of emerging threats and maintain its reputation as a responsible player in the global financial system.

Key Takeaways

• The Government of Ghana has taken significant steps to enhance its anti-money laundering policies.
• Key legislation, including amendments and new regulations, has strengthened the country’s efforts to combat money laundering, terrorism, and proliferation financing.
• Ghana’s commitment to preventing financial crimes is evident in its passage of the revised Anti-Money Laundering Act, 2020.