Skip to main content

Ghana regains exemplary status in money laundering fight


Ghana has restored its image as an example to West African peers in the fight against the illicit flow of funds to finance illegitimate activities.

It follows the country's earlier than expected exit from a global list of countries with strategic deficiencies in their anti-money laundering (AML) and counter-terrorists financing (CTF) regimes last year.

At the just ended regional workshop on AML and CTF in Accra, both the regional body in charge of the fight against the menace – the Inter-Governmental Action Group Against Money Laundering (GIABA) – and the global watchdog on money laundering (ML) and terrorists financing (TF) – the Financial Action Task Force (FATF) – praised Ghana for its commitment to the fight against the cankers and urged its peers to take inspiration from the country.

The GIABA and the FATF further expressed the hope that Ghana, through the national body that coordinates the country’s fight against the cankers – the Financial Intelligence Centre (FIC), would help to share the experience with member countries as they also prepare to go through the same process.

Plenary meeting

The two bodies made the observation in Accra during the 36th GIABA Technical Commission/Plenary and the 24th GIABA Ministerial Committee (GMC) meetings in Accra.

The meetings opened Thursday and Saturday during regional, African and global experts in AML/CFT discussed ways to strengthen the fight against the canker in the region.

Action with words

The Director-General of GIABA, Justice Kimelabalou Aba, said the regional body was impressed by Ghana’s commitment to the AML/CFT fight.

I would also like to express my heartfelt congratulations to you for your capacity to match words with deeds, regarding the high-level commitment made to the FATF and Global AML/CFT network in the International Cooperation Review Group (ICRG) process to which the country was subjected a few years ago. Thanks to your self-sacrifice and your determination, you were able to implement ahead of the stipulated time frame, the action plan mutually agreed on with the Joint Africa/Middle East Group, which earned you an early exit from the ICRG process at the FATF Plenary in June 2021.

Read also: Finance C’ttee MP calls for proper utilization of sanitation levy

Your experience in the said process will be very enriching and above all, inspiring for the other member states, which have joined the said process or which will do so very soon," Justice Aba said.

Political will

The Chief Executive Officer of the FIC, Kwaku Dua, said in an interview that the country had always been an example to its peers in the fight against the menace.

He said Ghana was among the first countries in the subregion to submit itself to the mutual evaluation around 2016 leading to the discovery of the deficiencies in its AML/CTF regimes.

Dua said following from that the government supported the centre to liaise with the relevant bodies to draw an action plan that was subsequently implemented. He mentioned the operationalisation of the Beneficiary Ownership Register by the Registrar General's Department and the setting up of a secretariat to coordinate the activities of non-governmental organisations (NGOs) as some of the key initiatives that were put together to strengthen the AML/CFT regimes.

Dua added that political commitment was critical to the fight against money laundering and terrorism financing and thus urged West African countries to support their national bodies with resources to strengthen their fight.

He further pledged to work with the relevant stakeholders to deter the malpractices and keep the country off the FATF grey list.

 
 

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...