The Head of the European Union’s (EU) delegation to Ghana, Diana Acconia, recently announced the EU’s desire to remove Ghana from the list of countries with deficiencies in Anti Money Laundering and Terrorism financing laws.
This announcement follows Ghana’s active efforts to correct the issues raised by the Financial Action Task Force (FATF), which includes the promulgation of the new Anti-Money Laundering Act, 2020 ( Act 1044). Act 1044 addresses the deficiencies of the old Anti Money Laundering Act, 2008 (Act 749) and seeks to make Ghana’s anti money laundering laws adhere to international standards. As such, the Act makes changes to the governance and administrative structure of the Financial Intelligence Centre (FIC); it expands the scope of unlawful activities and the oversight of accountable institutions and imposes strict sanctions on persons who engage in money laundering.
It is hoped that removing Ghana from the money laundering blacklist will promote international trade and investment in the Country and cause a decrease in financial crimes.
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