Ghana's outlook on money laundering, identify loopholes and addresse them

The European Union in recent times has blacklisted Ghana and other countries for weak Anti-money laundering laws and has cautioned the outcome should the practice continue.

But in a sharp rebuttal the finance minister refuted Ghana's weak Anti-Money Laundering Laws and PIRAN-GH wish to task the government and Key National Stakeholders in Anti-Money Laundering fight to eliminate the presence of money laundering in Ghana because it is real.

The Anti-Money Laundering Act 2008.Act 749, as amended which became operational on January 4th 2010. Gave key national stakeholders in Anti-Money Laundering fight such the Political Authorities,Regulatory and supervisory Authorities,and law enforcement Authority and Reporting entities to stop the flow of illegal money from illegal sources into the mainstream finances of the country.

In February, 2012, The Financial Action Task Force, a world body monitoring the cases in money laundering operations announced deficiencies in Ghana’s financial space and blacklisted Ghana until 2013. When FATF Congratulated Ghana for progress made in the deficiencies and took Ghana out off the blacklist.

But FATF reported in October, 2018. Again identified Ghana, Botswana and Bahamas as countries with weak Anti-Money Laundering regime, and recent European Union reports that implicated Ghana among other countries of complicity in Anti-Money Laundering should be a worry to Ghanaians requiring attention from Government and stakeholders to redeem the Nations image from this organized crime in the financial sector.


Once people engaged in illicit businesses such as trafficking drugs, human trafficking. Ammunition, fraud and money counterfeiting and concealing the source of such illicit money into mainstream financial setups in the country through disguise means is enough proof of money laundering in our system.

Some owners of private banks, false men of God, and fetish priests and priestess have all been cited for money laundering and require institutions like Financial Action Task Force and Financial Intelligence Centre to up their game in combating financial crimes in Ghana.

We can’t be on a blacklist for two years by the Financial Action Task Force and European Union for allowing illegal monies in our economy.

We therefore wish to appeal to the Government to resource the financial intelligence center to undertake a study to establish if indeed there are instances of money laundering in Ghana. Though we have instances of money laundering in Ghana, a study will confirm or deny the report by FATF and European Union against Ghana.

Yours Faithfully
Signed
Felix Djan Foh
President. PIRAN-GH
0244691605