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Ghana’s Anti-Money Laundering and Countering the Financing of Terrorism Efforts

Accra, Ghana - The Government of Ghana has taken significant steps to combat money laundering and terrorist financing in the country. This article provides an overview of the key legislation, international conventions, and regulatory framework that underpin Ghana’s efforts to prevent these threats.

Key Legislation

Ghana has enacted several laws aimed at preventing money laundering and combating the financing of terrorism (AML/CFT). These include:

  • Anti-Terrorism Act, 2008 (Act 762)
  • Ghana Revenue Authority Act, 2009 (Act 791)
  • Interpretation Act, 2009 (Act 792)
  • Economic and Organised Crime Office Act, 2010 (Act 804)
  • Mutual Legal Assistance Act, 2010 (Act 807)
  • Anti-Money Laundering Regulations, 2011 (L.I. 1987)
  • National Identity Register regulations, 2012 (L.I. 2111)
  • Anti-Terrorism Regulations, 2012 (L.I. 2181)
  • Economic and Organised Crime Office (Operations) Regulations, 2012 (L.I. 2183)
  • Criminal and Other Offences Procedure (Amendment) Act, 2012 (Act 849)
  • Anti-Terrorism (Amendment) Act, 2012 (Act 842)
  • Income Tax Administration Act, 2015 (Act 915)
  • Companies (Amendment) Act, 2016 (Act 920)
  • Securities Industry Act, 2016 (Act 929)
  • Special Deposit Taking Institutions Act, 2016 (Act 930)

International Conventions

Ghana has also ratified several international conventions aimed at combating money laundering and terrorist financing. These include:

  • United Nations Convention against Illicit Trafficking in Narcotics and Psychotropic Substances (the Vienna Convention), 1988
  • United Nations Convention against Transnational Organized Crime (Palermo Convention), 2000
  • International Convention for the Suppression of the Financing of Terrorism (CFT Convention), 1999
  • ECOWAS/GIABA Statute aimed at combating money laundering and terrorist financing in the West African Region, 2006
  • AU Convention on the Prevention and Combating of Terrorism, 1999

Regulatory Framework

The regulatory framework for AML/CFT in Ghana is coordinated by the Inter-Ministerial Committee (IMC) on Anti-Money Laundering and Countering the Financing of Terrorism. The IMC is responsible for overseeing the implementation of AML/CFT measures across various sectors.

Key institutions with authorities to regulate/coordinate include:

  • Bank of Ghana
  • Financial Intelligence Centre (FIC)
  • Registrar-General’s Department (RGD)
  • Securities and Exchange Commission (SEC)
  • National Insurance Commission (NIC)
  • Gaming Commission
  • Minerals Commission
  • National Pensions Regulatory Authority (NPRA)
  • Self-Regulatory Bodies (SRBs)
  • Ghana Revenue Authority (GRA)

Coordination Mechanisms

The IMC has established various coordination mechanisms to ensure effective implementation of AML/CFT measures. These include:

  • Regular meetings with sectoral regulators and financial institutions
  • Development of guidelines and standards for AML/CFT
  • Conducting risk assessments and monitoring suspicious transactions
  • Sharing information between regulatory bodies and law enforcement agencies

Law Enforcement Framework

The law enforcement framework for AML/CFT in Ghana is designed to ensure effective investigation and prosecution of money laundering and terrorist financing-related offenses. The framework includes:

  • Strengthened investigative powers for law enforcement agencies
  • Improved cooperation between domestic and international authorities
  • Enhanced information sharing mechanisms
  • Increased public awareness campaigns to prevent money laundering and terrorist financing

Investigation and Prosecution

The law enforcement framework also includes provisions for investigation and prosecution of money laundering and terrorist financing-related offenses. These include:

  • Establishment of specialized units within the police force and other law enforcement agencies
  • Training for investigators and prosecutors on AML/CFT laws and procedures
  • Development of guidelines for search warrants and seizure of assets

Conclusion

Overall, Ghana’s AML/CFT efforts aim to prevent the misuse of financial systems for illegal activities, protect the integrity of the economy, and ensure national security. The country continues to work towards strengthening its legislative framework, regulatory regime, and law enforcement mechanisms to effectively combat money laundering and terrorist financing.