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Money Laundering Detection in Ghana: A Report Card

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Ghana has been assessed by the Financial Action Task Force (FATF) on its implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures. The assessment, known as a Follow-Up Report, evaluates the country’s progress in implementing technical requirements to prevent money laundering.

Progress in Implementing AML/CFT Measures

According to the report, Ghana has made significant strides in implementing AML/CFT measures. Here are some key findings:

Assessing Risk and Applying Risk-Based Approach

Largely Compliant (LC): Ghana demonstrates a solid understanding of money laundering risks and applies a risk-based approach to address them.
Key Strengths:
- Effective risk assessment procedures
- Clear guidelines for implementing the risk-based approach

National Cooperation and Coordination

Largely Compliant (LC): Ghana showcases effective coordination among relevant authorities to combat money laundering and terrorist financing.
Key Strengths:
- Strong collaboration between law enforcement agencies and financial institutions
- Effective communication channels for sharing information and intelligence

Money Laundering Offence

Compliant (C): Ghana has criminalized money laundering activities in its domestic laws.
Key Strengths:
- Clear and comprehensive legislation addressing money laundering offenses
- Strong penalties for non-compliance

Confiscation and Provisional Measures

Largely Compliant (LC): Ghana demonstrates a commitment to confiscating proceeds of crime and freezing assets linked to terrorism and terrorist financing.
Key Strengths:
- Effective procedures for confiscating assets
- Strong cooperation between authorities in enforcing provisional measures

Terrorist Financing Offence

Partially Compliant (PC): Ghana has criminalized terrorist financing activities, but there are some gaps in its legal framework.
Key Challenges:
- Inadequate legislation addressing terrorist financing offenses
- Limited resources for investigating and prosecuting terrorist financing cases

Largely Compliant (LC): Ghana has implemented targeted financial sanctions related to terrorism and terrorist financing.
Key Strengths:
- Effective procedures for identifying and freezing terrorist assets
- Strong cooperation between authorities in enforcing sanctions

Conclusion

Ghana’s progress in implementing AML/CFT measures is an important step towards preventing money laundering and the financing of terrorism. The country’s commitment to addressing these issues will help strengthen its financial system and protect against illicit activities.

However, there are still some gaps that need to be addressed, including improving its legal framework for terrorist financing and enhancing transparency in beneficial ownership of legal persons and arrangements. By addressing these areas, Ghana can further enhance its efforts to combat money laundering and the financing of terrorism.