Ghana Removed from FATF Grey List After Successful Implementation of Anti-Money Laundering Measures

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Ghana has been removed from the Financial Action Task Force (FATF) grey list after successfully implementing measures to address deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Background

In 2018, Ghana was initially listed on the FATF grey list following a Second Round of Mutual Evaluation exercise that assessed the country’s technical compliance and effectiveness in implementing AML/CFT measures. While Ghana made significant progress under the ‘Technical Compliance’ criterion, it failed to demonstrate effectiveness in implementing its laws and procedures.

FATF Action Plan

The FATF subsequently developed a two-year Action Plan (2018-2020) for Ghana to address identified deficiencies. Ghana implemented several measures to demonstrate the effectiveness of its AML/CFT regime, which were submitted to the FATF under strict timelines. In some cases, Ghana even implemented action items ahead of schedule, earning praise from the FATF.

Removal from Grey List

As a result, at its June 2021 Plenary, the FATF removed Ghana from the list of countries with significant deficiencies in their AML/CFT regime. The organization issued a statement indicating that financial transactions from and into the country will no longer be subject to increased monitoring processes.

European Union Acknowledgement

The European Union (EU), which had also listed Ghana as one of its strategic deficiency countries, is expected to acknowledge Ghana’s efforts and remove it from the blacklisted countries list.

Impact on Ghana

Ghana’s removal from the FATF grey list marks a significant milestone in the country’s fight against money laundering and terrorist financing, demonstrating its commitment to implementing effective measures to combat these threats. The successful implementation of AML/CFT measures is expected to enhance confidence in the country’s financial system and promote economic growth.

Conclusion

The country’s authorities have expressed appreciation for the FATF’s support and guidance throughout the process, which has helped Ghana to strengthen its AML/CFT regime. This achievement demonstrates Ghana’s commitment to implementing effective measures to combat money laundering and terrorist financing, enhancing confidence in the country’s financial system and promoting economic growth.