GoldBod, EOCO move to track illicit funds in Ghana's gold trade

The Ghana Gold Board (GoldBod) and the Economic and Organised Crime Office (EOCO) have begun a joint programme to track and trace illicit financial inflows into Ghana’s gold trading sector. The initiative forms part of a collaboration involving the United Kingdom Ghana Gold Programme (UKGGP), EOCO and GoldBod to strengthen monitoring of financial activities within the gold trade. The three institutions held their first technical meeting as part of efforts to establish a working framework for tracking illicit financial flows associated with gold trading. The Deputy Chief Executive Officer of GoldBod, Richard Nunekpeku reaffirmed the Board’s commitment to working closely with EOCO, stressing the need for gold trading in Ghana to comply with local and international standards. “We give full support to management and look forward to ensuring that the gold trade is conducted in compliance with local and international standards. These frameworks are from credible sources and are traceable,” he said. Richard Nunekpeku said closer collaboration between GoldBod and EOCO would improve intelligence sharing, strengthen monitoring and enforcement, and help identify and disrupt illicit financial flows associated with gold trading. The Head of Investigations at EOCO, Felix Mawulolo Amegashie, said gold remained a critical component of Ghana’s economy and that the partnership would give the institutions greater visibility into financial transactions within the sector. He added that with EOCO’s support, the institutions would work to ensure that Ghana’s gold trade remained compliant. The technical meeting marks the operational start of the collaboration, with the institutions expected to establish defined roles, share information and undertake joint follow-up activities. The UKGGP is supporting the initiative with technical assistance and international expertise as Ghana works to strengthen transparency and responsible practices in the gold sector. MASource: www.ghanaweb.com
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