The Bank of Ghana has indicated it is embarking on various anti-money laundering activities to avert another round of blacklisting from the European Union and the United Kingdom.
Ghana in 2022 was removed from the EU blacklist following a successful evaluation of the country’s regime against money laundering and financing of terrorism by the Financial Action Task Force.
According to Second Deputy Governor of the Bank of Ghana, Elsie Addo-Awadzi, the Central Bank is ready to collaborate with other key stakeholders within the financial sector to maintain this feat.
Speaking at the Financial Intelligence Centre Ghana’s Risk Assessment on Money Laundering and Terrorism Financing forum, she reiterated the Bank of Ghana’s commitment to deepening financial inclusion.
” As we proceed to the third round of the mutual evaluation process next year, it is imperative that we sustain the fruits of the hard work exerted by all stakeholders that led to critical reforms and implementation that persuaded FATF, the EU, and the UK to remove Ghana from any adverse listings for ML/CFT/PF risks. All stakeholders must continue to work to maintain an effective AML/CFT/PF regime that stands the test of time”.
She urged financial institutions to complement the Central Bank’s effort in combating money laundering and financing of terrorism.
“This NRA presents us a rare opportunity to critically self-assess, taking into account the evolution of our financial system and all key sectors of our economy and how business is being conducted since the last assessment, as well as relevant external factors, and to critically assess whether our AML/CFT/PF regime after all the recent reforms remains robust in the face of these developments.”
“The Bank of Ghana, as the guardian of the monetary system, remains committed to playing its parting as a regulator to support the successful completion of the NRA and a successful Third Round Mutual Evaluation exercise”, she added.
Since January 2024, the Bank of Ghana has been sensitising banks and other regulated entities on what is required from them to make the NRA a success.
A new analysis by HMRC of undisclosed foreign income by UK residents published today has identified £400m of under-declared tax from offshore income, with 16% of individuals not reporting and paying
Booming green finance markets need to be subject to stronger global regulation to ensure the best results for investors and the planet, Singapore’s Minister for Sustainability and the Environment
European Union finance ministers on Monday set out priorities for creating a Capital Markets Union over the next five years to attract private capital to Europe and help fund the costly transition to
In the wake of the pandemic, tax evasion in the VAT is up in Europe, but down drastically in Greece. And every reduction in tax evasion achieved on a permanent basis paves the way for new -permanent-