Financial Crime World

Financial Action Task Force in Ghana: A Comprehensive Review

The Financial Action Task Force (FATF) has released its Benin Follow-Up Report for 2023, which assesses Ghana’s compliance with the technical requirements of the FATF Recommendations. The report provides a comprehensive overview of Ghana’s progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Key Findings

The report highlights both positive and negative aspects of Ghana’s implementation of AML/CFT measures. Here are some key findings:

Compliance with Recommendations

  • Assessing Risk and Applying a Risk-Based Approach: Ghana is largely compliant with this requirement.
  • National Cooperation and Coordination: Ghana is also largely compliant with this requirement.

Areas Requiring Improvement

The report identifies areas where Ghana needs to improve its compliance with the FATF recommendations, including:

  • Money Laundering Offence: Ghana has implemented measures to combat money laundering, but there are still some areas that need improvement. The country is partially compliant with this requirement.
  • Confiscation and Provisional Measures: Ghana’s confiscation laws are in place, but the implementation of provisional measures needs further attention. The country is partially compliant with this requirement.
  • Terrorist Financing Offence: Ghana has implemented measures to combat terrorist financing, but there are still some areas that need improvement. The country is partially compliant with this requirement.

Additional Areas Requiring Attention

Ghana also received ratings for its compliance with other recommendations, including:

  • Confiscation and Provisional Measures: Ghana’s confiscation laws are in place, but the implementation of provisional measures needs further attention.
  • Targeted Financial Sanctions Related to Terrorism and Terrorist Financing: Ghana has implemented measures to combat terrorist financing, but there are still some areas that need improvement.
  • Non-Profit Organisations: Ghana’s rules for non-profit organisations require further attention.

Areas Where Ghana is Fully Compliant

The report also highlights areas where Ghana is fully compliant with the FATF recommendations, including:

  • Financial Institution Secrecy Laws: Ghana’s financial institution secrecy laws are in place and effective.
  • Customer Due Diligence: Ghana has implemented measures to ensure that customers undergo due diligence.
  • Record Keeping: Ghana’s record-keeping requirements for financial institutions are in place and effective.

Conclusion

The FATF report provides a comprehensive overview of Ghana’s progress in implementing AML/CFT measures. While there is still room for improvement, the country has made significant strides in implementing many of the recommendations. The report will serve as a valuable tool for Ghanaian authorities to identify areas that require further attention and to develop strategies for improving compliance with the FATF recommendations.