The new Anti-Money Laundering Act, 2020 (Act 1044) consolidates the laws relating to the prohibition of money laundering.
Specifically, Act 1044 mandates the Financial Intelligence Centre (“FIC”) to disseminate the United Nations Consolidated List, third party list and domestic list to all accountable institutions or competent authorities, and to take the necessary measures for the enforcement of these lists. The lists refer to the list of persons or entities that are sanctioned due to terrorism and the financing of weapons of mass destruction. Under the new act, FIC is also empowered to issue directives and notices to ensure compliance with the Act.
This new Act demonstrates Ghana’s commitment to the prevention, detection, and prosecution of anti-money laundering violations. The implementation of this Act is expected to support Ghana’s ongoing effort to strengthen its anti-money laundering framework and make it more compliant with international standards