Ghana Takes Bold Step Against Money Laundering with New Anti-Money Laundering Act 2020

Accra, Ghana - A Major Move to Combat Financial Crimes

In a significant move to combat financial crimes, Ghana has consolidated its anti-money laundering laws with the passage of the Anti-Money Laundering Act, 2020 (Act 1044). This new law aims to strengthen the country’s framework for preventing and detecting money laundering violations.

Key Provisions of the New Act

• The Financial Intelligence Centre (FIC) is mandated to disseminate lists of individuals and entities sanctioned due to terrorism and the financing of weapons of mass destruction to all accountable institutions and competent authorities.
• The FIC will also issue directives and notices to ensure compliance with the Act, demonstrating Ghana’s commitment to international standards.

Enhanced Anti-Money Laundering Efforts

The implementation of the new act is expected to significantly enhance Ghana’s anti-money laundering efforts, making it more effective in preventing and detecting illegal activities. With this law, Ghana demonstrates its determination to join forces with other countries in the fight against financial crimes.

Boost to Economic Stability and Foreign Investment

This development comes as a welcome boost to Ghana’s efforts to strengthen its anti-money laundering framework, which is crucial for maintaining economic stability and attracting foreign investment. As the country continues to navigate the complexities of global finance, the new Anti-Money Laundering Act 2020 (Act 1044) serves as a beacon of hope in the fight against financial crimes.