The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts.
This it believes will level the fight against money laundering in the financial institutions.
The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial crimes in the country.
It followed recommendations upon the completion of a National Risk Assessment report by the Law Enforcement Coordinating Bureau (LECOB).
“The application of Act 749 was to expand the scope of actions that can be taken under the act and to provide for relative matters. The Anti money laundering act of 2014 included the proliferation of weapons of mass destruction in its definition of unlawful activities and the new predicate offence that is tax offence.” Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah explained.
He further explained that “The act expanded the customer due diligence framework which is the bedrock of sound anti money laundering regimes.”
Dr. Asiamah maintained that going ahead to publish sanctions will reduce the many risks associated with the financial institutions.
“The act also gives the mandate to supervisory authorities to apply administrative sanctions and the bank of Ghana will soon publish its sanctions for non compliance with provisions of the anti money laundering act.” he stated.
About Money Laundering Act 2011
Ghana is determined to maintain a sound financial system and to join global efforts to minimize the scourge of Money Laundering and Terrorist Financing.
Per the Guideline which is issued consistent with the Banking Act, 2004 (Act 673), as amended, and the Anti–Money Laundering Act, 2008 (Act 749), every financial institution shall adopt policies indicating its commitment to comply with AML/CFT obligations under the relevant Acts and regulations to prevent any transaction that facilitates ML/TF activities.
Also, every financial institution shall formulate and implement internal rules procedures and other controls that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under the relevant laws and regulations are always met.