Teamwork helped Ghana to be removed from EU’s money laundering list

Teamwork helped Ghana to be removed from EU’s money laundering list

The Minister of Finance, Ken Ofori Atta, has indicated that teamwork among key stakeholders in Ghana has helped Ghana to be removed from the European Union’s (EU) list of high-risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regimes.

The feat he said was achieved “after Ghana had strengthened the effectiveness of its AML/CFT regime by addressing related technical deficiencies including strengthening the legal and regulatory framework to meet the commitments in the FATF action plan, with a view of removing strategic deficiencies identified under the Article 9 of 4th Anti-money Laundering Directives”.

He said “Ghana has also established legal and regulatory frameworks to meet the commitments in our action plans regarding the strategic deficiencies the FATF had identified.

It is on record that on 18th October 2020, the European Union in a press release added Ghana to their list of high-risk jurisdictions with strategic deficiencies in their AML/CFT regimes because Ghana was on the FATF GREY LIST.

However, Ghana’s removal from the list was contained in a letter dated 07 January 2022, signed by Commissioner Mairead McGuiness, in charge of Financial Services, Financial Stability and Capital markets Union.

In the letter, Mairead McGuiness stated, “I take this opportunity to congratulate Ghana for the actions taken and commend your country for its continuous efforts in strengthening its framework for the combat against money laundering and terrorist financing. I am looking forward to a fruitful and continuous cooperation on these aspects.”

Meanwhile, the Head of the European Union Delegation to Ghana, Irchad Razaaly in his introductory letter also wrote to commend Ghana stated “I join the Commissioner in congratulating you and Ghana for the efforts undertaken to this effect.

By dint of hard work and political commitment, Ghana addressed all the action items in the action plan even ahead of schedule”.

On his part, Ken Ofori-Atta, in his congratulatory remarks also acknowledged thwt “the team – Ministry of Finance, Bank of Ghana, Financial Intelligence Centre, Registrar General’s Department, Economic and Organised Crime Office, Finance Committee of Parliament, National Intelligence Bureau, Ministry of Gender, Children and Social Protection, Securities and Exchange Commission, National Insurance Commission, and all stakeholder groups worked hard and with patriotic fervor to register this successful achievement, the first of such delisting in West Africa.

This is an example of what we can accomplish when we work together towards addressing systemic issues that confront our country,” he stated.

Source: Richard Mensah Adonu | Join our Telegram Group

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