Ghana is no longer on the EU’s blacklist for money laundering
Ghana has been removed from the list of blacklisted countries that have not taken action to combat money laundering.
This follows the country’s withdrawal from the league of cited countries for money laundering by the Financial Action Task Force today on June 25, 2021.
Before that, the European Union had hinted that the country was going to be removed from the list of countries on the blacklist with regard to money laundering.
In a statement, the FATF said it welcomes the significant progress made by the country in improving its AML / CFT regime, further explaining that Ghana has enhanced the effectiveness of its AML / CFT regime. and corrected related technical gaps to meet its action plan commitments regarding strategic gaps identified by the FATF in October 2018.
âGhana is therefore no longer subject to the increased monitoring process of the FATF. Ghana will continue to work with GIABA to further improve its AML / CFT regime, âhe added.
EU blacklisted Ghana for money laundering in May 2020
The EU blacklisted Ghana among several other countries for money laundering in May 2020. Other African countries on the blacklist were also Botswana, Mauritius and Zimbabwe.
The EU said âunder the Anti-Money Laundering Directive (AMLD), the commission revised its list, taking into account developments at the international level since 2018 and that theâ new list is now better aligned with lists published by the FATF (Financial Action Task Force). “
The Bahamas, Barbados, Jamaica, as well as Cambodia, Mongolia, Myanmar, Nicaragua and Panama are the other affected countries.
The European Union clarified in October 2020 that there was no evidence of money laundering by an official in the administration of President Akufo-Addo’s government, although it put Ghana blacklisted.
Head of EU Delegation to Ghana Ambassador Diana Acconcia noted Ghana has been blacklisted for failing to comply with controls that could prevent possible money laundering , but later said “there is no evidence of money laundering in Ghana”.
According to her, the EU would have ceased doing business with the Akufo-Addo administration if indeed one of its representatives had been caught in the act of money laundering or terrorist financing.