Financial Crime World

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What is Money Laundering in Ghana?

The recent placement of Ghana on the Financial Action Task Force (FATF) grey list has raised concerns about the country’s anti-money laundering regime. However, Ghana is working to strengthen its laws and implement its anti-money laundering and combating the financing of terrorism (AML/CFT) regime across all sectors and institutions.

AML Legislation in Ghana

At the heart of Ghana’s AML legislation is the Anti-Money Laundering Act 2020 (Act 1044), which aims to address deficiencies in the old AML Act 2008 (Act 749). The new act expands the scope of unlawful activities, increases oversight of accountable institutions, and imposes strict sanctions on individuals who engage in money laundering.

Notable Provisions

  • Introduction of virtual asset service providers
  • Expansion of the scope of money laundering to include those who assist in its commission
  • Establishment of an economic and organized crime office
  • Stringent sanctions for money laundering offences

The Financial Intelligence Centre (FIC)

The FIC, established under the AML Act 2008 (Act 749) as amended, is responsible for:

  • Receiving and analyzing suspicious transaction reports related to money laundering, terrorist financing, and proliferation financing
  • Requesting additional information from accountable institutions and designated non-financial businesses and professions in Ghana

Legislation Against Money Laundering

Ghana’s legislation against money laundering includes:

  • AML ACT 2020 (Act 1044)
  • Anti-Terrorism Act 2008
  • Economic and Organised Crime Act 2010
  • AML Regulations 2011
  • Anti Terrorism Amendment 2012
  • Anti Terrorism Regulation
  • Criminal Offences Amendment Act 2012
  • Immigration Amendment Act 2012

Regulatory Bodies Responsible for Combating Money Laundering

The following regulatory bodies are responsible for combating money laundering in Ghana:

  • Financial Intelligence Centre (FIC)
  • Bank of Ghana
  • Securities Exchange Commission
  • Ghana Pensions Authority
  • National Insurance Commission
  • Gaming Commission
  • Inter-Governmental Action Group Against Money Laundering and Terrorist Financing in West Africa (GIABA)

Key Agencies Involved in the Fight against Money Laundering

Other key agencies involved in the fight against money laundering in Ghana are:

  • Economic and Organized Crime Office
  • Ghana Police Service
  • Bureau of National Investigation
  • Office of Special Prosecution