Financial Action Task Force removes Ghana from money laundering blacklist

The Financial Action Task Force (FATF) has removed Ghana from the list of high risk money laundering and terrorist financing countries after it enacted various legislations to criminalise money laundering and fight the crime.

“Pursuant to Ghana’s progress in largely addressing its action plan agreed upon with FATF, Ghana has been removed from the FATF’s public statement and identified in this document,”

Mr. Samuel Thompson Essel, Chief Executive Officer, Financial Intelligence Centre, Ghana, told journalists in Accra quoting a statement from FAFT.

The FATF on February 16, 2012, issued a public statement in which it identified Ghana as a high risk money laundering and terrorism financing jurisdiction and cautioned member states to take into account the risks associated with the deficiencies in the anti-money laundering and counter terrorism financing regimes.

Mr. Essel said the blacklisting of Ghana by FATF has implications of increased risk profile of the country which could likely affect its credit rating, adverse effect on international trade and investment, as well as increase in opportunistic crimes.

He said the feat to get the blacklisting lifted was achieved through a high level of commitment to FATF as it undertook very significant legislative and institutional initiatives to bring the country at par with other successful anti-money laundering and counter financial terrorist regimes.

Mr. Essel said as part of the remedial process the Financial Intelligence Centre was established and mandated to receive, analyse and disseminate financial intelligence to investigating, revenue and intelligence agencies in the country and similar bodies in foreign jurisdictions.

Besides, criminal offences Acts were amended to criminalise offences such as unlawful use of human parts, enforced disappearance, sexual exploitation, illicit trafficking and racketeering.

The Immigration Act and the Anti-Terrorism Regulation were also enacted to criminalise migrant smuggling and criminalise terrorist financing respectively.

Mr. Essel said apart from the laws, effort was made to establish and implement adequate measures for the confiscation of funds related to money laundering.

He called for support from the law enforcement agencies and the judiciary in dealing with criminals as well as resources to consolidate and build on the gains so far made, adding that the FATF would undertake an on-site visit in January 2013.

Dr. Kwabena Duffuor, Minister of Finance and Economic Planning, said the feat to reverse the blacklisting in a very short time was because of collaborative work among the various agencies and called for concerted effort to consolidate the gains.