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Business News of Saturday, 26 June 2021


Ghana delisted from EU money laundering backlist

Finance Minister Ken Ofori-Atta Finance Minister Ken Ofori-Atta

• Ghana’s name has been removed from the money laundering blacklist of the European Union Financial Taskforce

• The regulators blacklisted Ghana in May 2020 for poor Anti-Money Laundering/Combating the Financing of Terrorism regimes

• The FATF made the announcement of delisting Ghana on Friday, June 25, 2021

The European Union Financial Taskforce has delisted the Republic of Ghana from the list of countries on its money laundering watchlist.

The FATF on Friday, June 25, 2021, removed Ghana from the list after the Taskforce deemed Ghana as having strengthened the effectiveness of its Anti-Money Laundering/Combating the Financing of Terrorism regimes.

“The FATF welcomes Ghana’s significant progress in improving its AML/CFT regime. Ghana has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in October 2018.

“Ghana is therefore no longer subject to the FATF’s increased monitoring process. Ghana will continue to work with GIABA to improve further its AML/CFT regime,” a statement issued by the FATF said.

Ghana in May 2020 was blacklisted by the EU for failing to deal with money laundering.

In May 2020 the EU Head of Delegation to Ghana, Ambassador Diana Acconia explained that Ghana’s failure to comply with checks to forestall possible money laundering led to the country being blacklisted by the EU.

Finance Minister, Ken Ofori Atta following the blacklisting of Ghana indicated of efforts by the government to ensure its reversal.

The latest announcement by the FATF indicates that Ghana has been able to realign its anti-money laundering efforts to the satisfaction of the European Union and its financial regulatory bodies.