Ghana Reinforces Fight Against Money Laundering and Terrorism Financing

Strengthening Regulatory Frameworks to Combat Financial Crimes

The government of Ghana has taken significant strides in its efforts to combat money laundering and terrorism financing through a series of legislative reforms. The passage of several key laws, including the Anti-Money Laundering Act, 2020 (Act 1044), marks a major milestone in Ghana’s commitment to fighting financial crimes.

A History of Reforms

• Repeal of Earlier Legislation: The earlier Anti-Money Laundering Act, 2008 (Act 749) and its amendment in 2014 were repealed to make way for more stringent regulations.
• Anti-Terrorism Acts: Ghana has strengthened its regulatory framework to enhance the detection, prevention, and reporting of money laundering activities.

Enhanced Regulatory Measures

The introduction of the Anti-Money Laundering Regulations, 2011, further reinforced these efforts. These updates demonstrate Ghana’s dedication to meeting international standards in anti-money laundering and combating the financing of terrorism (AML/CFT), as set by organizations such as the Financial Action Task Force (FATF).

A Commitment to Protecting the Financial System

By intensifying its regulatory measures, Ghana aims to:

• Protect the financial system: From illicit activities
• Maintain public trust: In the integrity of the financial system
• Promote economic stability: By ensuring that financial transactions are legitimate and transparent.