Financial Crime World

Ghana Works to Strengthen Anti-Money Laundering Policies Despite Grey List Status

Despite being placed on the Financial Action Task Force (FATF) grey list, Ghana is making progress in strengthening its Anti-Money Laundering (AML) regime.

Revising and Implementing AML/CFT Laws Across All Sectors

Ghana’s AML/Combating the Financing of Terrorism (CFT) laws are being revised and implemented across all sectors and institutions. The country’s principal AML legislation is the Anti-Money Laundering Act 2020 (Act 1044), which aims to address deficiencies in the previous AML Act 2008 (Act 749).

Key Provisions of the Anti-Money Laundering Act 2020

The Act introduces several key provisions, including:

  • Virtual Asset Service Providers: Regulates cryptocurrencies and digital assets
  • Broadened Definition of Money Laundering: Includes those who assist in the commission of criminal activities
  • Severe Sanctions: Imposes fines ranging from 100% to 500% of the proceeds of the crime for individuals, and up to 300% for corporate entities

Strengthening AML/CFT Regime Through Regulatory Bodies

Relevant legislation includes:

  • AML ACT 2020 (Act 1044)
  • Anti-Terrorism Act
  • Economic and Organized Crime Act
  • AML Regulations
  • Anti Terrorism Amendment
  • Criminal Offences Amendment Act

Regulatory bodies such as the Financial Intelligence Centre, Bank of Ghana, Securities Exchange Commission, Ghana Pensions Authority, National Insurance Commission, Gaming Commission, and Inter-Governmental Action Group Against Money Laundering and Terrorist Financing in West Africa (GIABA) are working to implement AML/CFT policies.

Law Enforcement Agencies Tasked with Implementing AML/CFT Laws

The Economic and Organized Crime Office, Ghana Police Service, Bureau of National Investigation, and Office of Special Prosecution are among the law enforcement agencies tasked with implementing AML/CFT laws. Despite challenges, Ghana remains committed to strengthening its anti-money laundering regime and combating financial crimes.

Conclusion

Ghana is taking significant steps to strengthen its AML/CFT regime despite being placed on the FATF grey list. The country’s commitment to implementing AML/CFT policies demonstrates its determination to combat financial crimes and maintain a robust anti-money laundering regime.