Financial Crime World

Ghana Takes a Strong Stand Against Money Laundering

New Anti-Money Laundering Act Brings Ghana in Line with International Standards

Ghana has taken a significant step in combating money laundering with the enactment of the Anti-Money Laundering Act, 2020 (Act 1044). This new law aims to strengthen the country’s efforts to prevent, detect, and prosecute money laundering offenses.

Key Changes Introduced by the New Act

  • Improved Governance: The Act introduces several key changes aimed at improving governance and administration of the Financial Intelligence Centre (FIC).
  • Expanded Scope of Unlawful Activities: The definition of money laundering is broadened to include anyone who assists in the commission of various illegal activities, such as:
    • Fraud
    • Bribery
    • Corruption
    • Human trafficking
    • Counterfeiting currencies
    • Insider trading
    • Environmental crimes
    • Robbery
    • Piracy
    • Smuggling
  • Virtual Asset Service Providers: The law introduces the concept of virtual asset service providers, acknowledging the growing importance of cryptocurrencies and digital assets.

Severe Penalties for Non-Compliance

To ensure compliance with the new Act, severe penalties have been imposed for money laundering offenses. These include:

  • Fines ranging from 100% to 500% of the proceeds of the crime for individuals
  • Up to 300% of the proceeds for corporate entities

These measures demonstrate Ghana’s commitment to combating money laundering and strengthening its anti-money laundering framework.

Implementation and Expected Outcomes

The implementation of this Act is expected to support Ghana’s efforts to sanitize its financial sector and bring it in line with international standards.