Financial Crime World

Ghana Makes Progress in Implementing Anti-Money Laundering and Combating Financing of Terrorism Measures

Accra, Ghana - A Significant Step Forward

The Government of Ghana has made significant progress in addressing technical compliance deficiencies identified in its second round Mutual Evaluation Report (MER). According to a report by the GIABA Secretariat, Ghana’s technical compliance with the Financial Action Task Force (FATF) Recommendations has been re-rated as follows:

  • Recommendation 8: Non-Compliant → Partially Compliant
  • Recommendation 33: Partially Compliant → Largely Complaint
  • Recommendation 35: Partially Compliant → Compliant

Key Factors Contributing to Progress

The report highlights that Ghana’s progress is largely attributed to the introduction of new legislation, including the Anti-Money Laundering Act, 2020. The Act provides for a wide range of administrative and financial sanctions, including custodial sentences, fines, and suspension or revocation of licenses.

Establishing a Robust Framework for International Cooperation

The report notes that Ghana has established a robust framework for international cooperation, with statistics maintained by the Financial Intelligence Centre (FIC) on requests made and received. However, other agencies such as the Economic and Organized Crime Office (EOCO) and the Police/Ghana office of INTERPOL also maintain statistics on international cooperation, but no data was provided.

Commendations from the GIABA Secretariat

The GIABA Secretariat commended Ghana’s efforts to improve its anti-money laundering and combating financing of terrorism measures, stating that the country will remain in enhanced follow-up and report back on progress achieved in May 2023.

Key Findings

  • Significant Progress: Ghana has made significant progress in addressing technical compliance deficiencies identified in its second round MER.
  • Robust Legislation: The Anti-Money Laundering Act, 2020 provides for a wide range of administrative and financial sanctions.
  • International Cooperation: Ghana has established a robust framework for international cooperation, with statistics maintained by the FIC on requests made and received.
  • Data Gap: Other agencies such as EOCO and the Police/Ghana office of INTERPOL also maintain statistics on international cooperation, but no data was provided.

Recommendations

  • Continued Improvement: Ghana should continue to improve its maintenance of statistics on international cooperation.
  • Enhanced Supervision: The country should ensure that all supervisory bodies or the Financial Intelligence Centre have the necessary powers to administer administrative sanctions for infractions of AML/CFT obligations under the Act.

Conclusion

Ghana’s progress in implementing anti-money laundering and combating financing of terrorism measures is a significant step forward. With continued efforts, Ghana can further strengthen its framework and improve its technical compliance with FATF Recommendations.