Financial Crime World

Ghana’s Efforts to Combat Terrorist Financing Fall Short, Says FATF Report

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Accra, Ghana

Ghana has made some progress in preventing the financing of terrorism, but still lags behind in implementing key recommendations from the Financial Action Task Force (FATF), a report by the international organization reveals.

Key Findings and Recommendations

The 2022 Follow-Up Report on Ghana highlights several areas where the country needs to improve its efforts to combat terrorist financing:

Areas of Improvement

  • National cooperation and coordination: Ghana’s mechanisms are still inadequate.
  • Confiscation and provisional measures: The country needs to strengthen its laws and regulations to prevent money laundering and terrorist financing.
  • Targeted financial sanctions related to terrorism and terrorist financing: Ghana has not fully implemented measures to prevent the misuse of new technologies for terrorist financing purposes.
  • Reporting suspicious transactions: The country lacks a sufficient framework for reporting suspicious transactions.

Lack of Financial Intelligence Unit Hampers Efforts

The report notes that Ghana’s financial intelligence unit is not yet operational, which hinders its ability to collect and analyze financial information related to terrorist financing.

Call to Action from the FATF

The FATF has called on Ghana to address these deficiencies and implement the necessary measures to prevent the financing of terrorism. The organization has also encouraged Ghana to strengthen its international cooperation with other countries to combat money laundering and terrorist financing.

Concerns and Recommendations for the Future

Ghana’s failure to comply fully with the FATF Recommendations is a concern, as it increases the risk of terrorist financing activities in the country. To effectively combat terrorist financing, the government must take immediate action to address these deficiencies and ensure that its financial system is not exploited by terrorists.

The report concludes that Ghana needs to strengthen its legal framework, improve its national cooperation and coordination mechanisms, and enhance its international cooperation to effectively combat terrorist financing.