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Business News of Tuesday, 26 February 2013

Source: Citi FM

Ghana moves further from blacklisted countries

Ghana has moved further away from blacklisted countries that are failing to meet global standards that deal with money laundering and terrorism financing (AML/CFT) activities.

The Financial Action Task Force (FATF), which monitors such developments in its latest report, congratulated Ghana for the significant progress made in addressing the strategic AML/CFT deficiencies in their action plans.

Officials of the Financial Action Task Force visited Ghana last month and conducted an on-site verification exercise on Ghana’s progress in this regard.

This was after Ghana had been removed from the blacklisted countries who didn’t meet the global standards.

The Chief Executive Officer of the Financial Intelligence Centre, Ghana, Samuel Thompson Essel in an interview with Citi Business News about the new development mentioned that “we didn’t have adequate measures in place by way of encouraging banks and other institutions to submit suspicious transactions…for action.”

He explained that suspicious transactions include activities which are conducted at various accountable institutions “with respect to what they suspect as issues relating to money laundering.”

Mr. Essel attributed Ghana’s further movement away from blacklisted countries to “hard work and also an increase in our outreach programmes.”

According to him, this has made most accountable institutions “to become aware of their media responsibilities to now examine their transactions properly to determine whether Mr. A or Mr. B or this entity is carrying out any activity which is suspicious and that will warrant a report being filed…for necessary action.”

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