Ghana Intensifies Fight Against Financing of Terrorism with New Laws and Regulations
Strengthening Legislative Framework to Combat Terrorism Financing
Ghana has taken a significant step in combating the menace of terrorism financing by strengthening its legislative framework. The country has enacted several key laws and regulations, including the Anti-Money Laundering Act, 2008 (Act 749) and subsequent amendments in 2014 (Act 874), as well as the Anti-Terrorism Act, 2008 (Act 762) and its amendments in 2012 (Act 842) and 2014 (Act 875). These laws have been instrumental in Ghana’s efforts to prevent money laundering, terrorism financing, and proliferation financing.
Key Laws and Regulations
- Anti-Money Laundering Act, 2008 (Act 749)
- Subsequent amendments in 2014 (Act 874)
- Anti-Terrorism Act, 2008 (Act 762)
- Amendments in 2012 (Act 842) and 2014 (Act 875)
Implementing Anti-Money Laundering Regulations
In addition to the laws mentioned above, Ghana has implemented the Anti-Money Laundering Regulations, 2011 (L.I.1987), which further enhances its capabilities to track and prevent illicit financial transactions.
New Anti-Money Laundering Act, 2020 (Act 1044)
The passage of the new Anti-Money Laundering Act, 2020 (Act 1044) has also bolstered Ghana’s efforts to combat money laundering, terrorism financing, and proliferation financing.
Intensifying Fight Against Financing of Terrorism
These measures have significantly intensified Ghana’s fight against the financing of terrorism, demonstrating its commitment to ensuring national security and preventing the misuse of its financial system. The country’s efforts are in line with international best practices and standards set by organizations such as the Financial Action Task Force (FATF).
Commitment to National Security
Ghana’s strengthened legislative framework is a testament to its commitment to ensuring national security and preventing the misuse of its financial system.
Compliance with International Standards
The country’s efforts are in line with international best practices and standards set by organizations such as the Financial Action Task Force (FATF).