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Ghana Removed from FATF List of High-Risk Countries for Money Laundering and Terrorist Financing
Significant Progress Made by Ghana
Ghana has been removed from the Financial Action Task Force’s (FATF) list of high-risk countries for money laundering and terrorist financing after making substantial progress in implementing measures agreed upon with the organization. According to a statement by FATF, Ghana had demonstrated a high level of commitment to addressing its anti-money laundering and counter-terrorism financing deficiencies.
History of Blacklisting
Ghana’s blacklisting began nearly a decade ago, when FATF first identified it as a high-risk jurisdiction for money laundering and terrorist financing in 2012. This designation had significant implications, including an increased risk profile, adverse effects on international trade and investment, and increased opportunistic crimes.
Key Measures Implemented
Ghana’s achievement is attributed to significant legislative and institutional initiatives to bring the country in line with successful anti-money laundering and counter-financial terrorist regimes. Some key measures implemented include:
- Establishment of the Financial Intelligence Centre, tasked with receiving, analyzing, and disseminating financial intelligence to investigating agencies.
- Amendments to various criminal offenses acts to criminalize offenses such as human parts trafficking, enforced disappearance, sexual exploitation, illicit trafficking, and racketeering.
- Enactment of the Immigration Act and Anti-Terrorism Regulation to combat migrant smuggling and terrorist financing.
Efforts to Confiscate Funds
Efforts were also made to establish and implement adequate measures for the confiscation of funds related to money laundering. FATF will conduct an on-site visit in January 2013 to assess Ghana’s progress further.
Finance Minister’s Statement
Ghana’s success was attributed by Finance Minister Dr Kwabena Duffuor to collaborative work among various agencies, calling for concerted efforts to consolidate gains. The removal from the list is a significant achievement for Ghana, marking a major step forward in its efforts to combat money laundering and terrorist financing.
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