Financial Crime World

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Ghana’s Financial Action Task Force Report Reveals Areas of Improvement

Accra, Ghana - The Financial Action Task Force (FATF) has released its Follow-Up Report on Ghana for 2022, highlighting the country’s progress in implementing anti-money laundering and combating terrorist financing measures.

FATF Recommendations Framework

The report assesses Ghana’s compliance with the FATF Recommendations, which provide a framework for countries to prevent and combat money laundering, terrorist financing, and other financial crimes. The ratings range from “compliant” (C) to “non-compliant” (NC), with intermediate categories of “largely compliant” (LC) and “partially compliant” (PC).

Areas of Improvement

According to the report, Ghana has made significant progress in implementing several recommendations, including:

  • R.3 - Money laundering offence (C)
  • R.9 - Financial institution secrecy laws (C)
  • R.11 - Record keeping (C)

The country has also demonstrated improvement in areas such as:

  • R.16 - Wire transfers (LC)
  • R.32 - Cash couriers (LC)

However, the report identifies several areas where Ghana needs to improve its compliance with the FATF Recommendations, including:

  • R.1 - Assessing risk and applying a risk-based approach (LC)
  • R.4 - Confiscation and provisional measures (LC)
  • R.27 - Powers of supervisors (LC)

Additionally, Ghana was found to be non-compliant in areas such as:

  • R.38 - Mutual legal assistance: freezing and confiscation (NC)
  • R.39 - Extradition (PC)

Recommendations for Improvement

The FATF report also highlights the need for Ghana to strengthen its regulation and supervision of financial institutions, particularly with regard to:

  • R.26 - Regulation and supervision of financial institutions (LC)

Furthermore, the country needs to improve its cooperation with international organizations, including in areas such as:

  • R.36 - International instruments (C)
  • R.40 - Other forms of international cooperation (LC)

Government Response

The Ghanaian government has welcomed the report’s findings and is committed to implementing the necessary reforms to strengthen its anti-money laundering and combating terrorist financing regime. The country will work closely with the FATF and other international partners to address the identified deficiencies and ensure that it meets the highest standards in this area.

Contact

[Name], Ghanaian Ministry of Finance