Financial Crime World

Ghana Stamps Out Money Laundering and Terrorism Financing with Strengthened Laws and Regulations

Ghana Takes a Stand against Financial Crimes

Accra, Ghana - The Government of Ghana has taken significant steps to combat money laundering, terrorism financing, and proliferation by strengthening its laws and regulations.

Key Legislation Enacted or Amended since 2008

  • Anti-Terrorism Act, 2008
  • Ghana Revenue Authority Act, 2009
  • Interpretation Act, 2009
  • Economic and Organised Crime Office Act, 2010
  • Mutual Legal Assistance Act, 2010
  • Several others

Inter-Ministerial Committee on Anti-Money Laundering and Countering the Financing of Terrorism

The IMC is comprised of key ministers and officials from various government agencies, including:

  • Minister of Finance
  • Foreign Affairs
  • Interior
  • Justice
  • National Security Coordinator
  • Deputy Chief of Staff of the President
  • Governor of the Bank of Ghana

Regulatory Framework Strengthened

Several institutions are authorized to regulate or coordinate anti-money laundering and combating the financing of terrorism, including:

  • Bank of Ghana
  • Financial Intelligence Centre
  • Registrar-General’s Department
  • Securities and Exchange Commission
  • National Insurance Commission
  • Gaming Commission
  • Minerals Commission
  • National Pensions Regulatory Authority
  • Self-Regulatory Bodies
  • Ghana Revenue Authority

International Conventions and Protocols Ratified

Ghana has ratified several international conventions and protocols aimed at combating money laundering, terrorism financing, and organized crime, including:

  • 1988 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 Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Policy

The policy outlines the roles and responsibilities of various government agencies, financial institutions, and individuals in implementing AML/CFT measures.