Financial Crime World

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

Background

In a bid to combat money laundering and the financing of terrorism, the Government of Ghana has put in place a comprehensive policy framework to prevent these illicit activities. The National Anti-Money Laundering and Countering the Financing of Terrorism Policy (2019-2022) aims at promoting financial stability, integrity, and transparency in the country’s financial system.

Key Laws and Regulations

The policy is built on several key laws and regulations, including:

  • Anti-Terrorism Act 2008
  • Ghana Revenue Authority Act 2009
  • Interpretation Act 2009
  • Economic and Organised Crime Office Act 2010

International Conventions and Protocols

The policy also draws from international conventions and protocols, such as:

  • United Nations Convention against Illicit Trafficking in Narcotics and Psychotropic Substances (the Vienna Convention)
  • United Nations Convention against Transnational Organized Crime (Palermo Convention)
  • International Convention for the Suppression of the Financing of Terrorism (CFT Convention)

National Coordination

The Inter-Ministerial Committee (IMC) on Anti-Money Laundering and Countering the Financing of Terrorism has been established to oversee the implementation of the policy. The IMC is comprised of key ministers, including:

  • Minister of Finance
  • Minister for Foreign Affairs and Regional Integration
  • Minister for the Interior
  • Attorney General and Minister for Justice
  • National Security Coordinator
  • Deputy Chief of Staff of the President
  • Governor of the Bank of Ghana

Regulatory/Coordinating Framework

Several institutions have been authorized to regulate and coordinate anti-money laundering and combating the financing of terrorism efforts. These include:

  • Bank of Ghana (BoG)
  • 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)

Law Enforcement Framework

The policy also provides a framework for law enforcement agencies to effectively combat money laundering and the financing of terrorism. The framework includes measures such as:

  • Reporting requirements
  • Freezing and confiscation of assets
  • Cooperation between law enforcement agencies

In conclusion, Ghana’s National Anti-Money Laundering and Countering the Financing of Terrorism Policy (2019-2022) is a comprehensive framework that aims to prevent and combat money laundering and the financing of terrorism in the country. The policy provides a robust legal and regulatory framework for financial institutions and other stakeholders to operate within, while also ensuring cooperation between law enforcement agencies and international partners.