Ghana must fight against money laundering

Mr. Samuel Thompson Essel, Chief executive Officer, Financial Intelligence Center, says Ghana has a pivotal role to play in the fight against money laundering and terrorist financing.

"Ghana finds itself in the African region, where terrorism and terrorist financing is gradually gaining notoriety, with activities of terrorist sects on the ascendancy”. Mr. Essel said this at a Civil Society Forum held in Accra, on the "New Anti-Money Laundering and Terrorism Act in Ghana”.


He said the workshop had come at a time when attention was being directed at getting civil society to partner key stake-holders in the fight against money laundering and terrorist financing in Ghana.


"Money laundering and terrorist financing are complex crimes which get even more complicated, when they assume transnational dimensions. Mr. Essel said research had shown that NGOs or Faith Based Organisations were vulnerable to abuse by money launderers, and terrorists for a number of reasons.


"They enjoy public trust, have access to considerable sources of funds, they are often cash-intensive." He said the law thus imposed some obligations on NGOs in the fight against money laundering and terrorist financing.


"These include filing suspicious transaction reports, keeping records, amongst others." Mr. Essel said the FIC would propose for the government's consideration, an amendment to act 749, to provide for the establishment of a Special Control Unit on Money Laundering, for designated Non-Financial Organisations, of which NGOs are a part.

Ms. Nana Afadzinu, Executive Director of the West Africa Civil Society Institute, hosts of the event, said with NGOs being labelled as vulnerable, it was crucial that they got well educated on the intricacies of money laundering and terrorist financing.


She said NGOs contributed immensely to social progress, adding that, it would thus be unfortunate if their good works were marred, through their ranks being infiltrated by criminals.


Ms. Afadzinu said it was important that NGOs had more interaction with experts on the issue, in order to avoid any pitfalls. The program was attended by delegates from NGOs and other non-profit organizations.


The Anti-Terrorism Act, 2008 of the Parliament of the republic of Ghana, is to combat terrorism, suppress and detect acts of terrorism, prevent the territory, resources and financial services of the country, from being used to commit terrorist acts.


It is also to protect the right of people in Ghana to live in peace, freedom and security.