We’ll aggressively fight money laundering – Mahama assures

Former President John Dramani Mahama has given as assurance that the next National Democratic Congress (NDC) administration will aggressively fight money laundering in the country.

Speaking during the launch of the NDC’s manifesto for the 2020 elections, on Monday September 7, Mr Mahama said he will institute strict legislations that will ensure that the government succeeds in this agenda.

Recently, the European Union (EU) blacklisted four African countries including Ghana over money-laundering concerns as it says their financial transactions require further scrutiny.

Blacklisted countries were assessed based on systemic impact on the integrity of the EU financial system.

Ghana’s Finance Ministry reacted to this in a statement saying the EU’s proposal to include Ghana in the list of high risk jurisdictions with strategic deficiencies does not reflect exactly the current status of Ghana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (AML/CFT) regimes.

“This is unfortunate, and the Government of Ghana is always ready to engage with the EC about the true status of the country’s AML/CFT regime and efforts being made to strengthen same,” the Ministry said.

But Mr Mahama who is also the NDC flagbearer for the 2020 polls said “The next NDC Government will: enhance measures towards combating money laundering, terrorist financing and the proliferation of weapons of mass destruction; promote the effective implementation of legal, regulatory and operational measures; for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction (AML/CFT & P) and other related risks at the national level

H added “we will introduce address the identified strategic deficiencies in Ghana’s AML/CFT & P system and, thereby, obviate the need for any sanctions or ‘blacklisting’ by FATF, the international standard-setting body, or the European Union;

“resource and capacitate the Financial Intelligence Centre (FIC) as well as other key agencies engaged in the fight against money laundering and terrorist financing; introduce standardised certification for AMLROs and Heads of Compliance in all financial institutions

“Fast-track AML/CFT & P cases, “with the setting up of more special courts for financial crimes ensure better synergy among the FIC, EOCO and the Judiciary to enhance investigation, asset tracing, and prosecution.”