Ghana removed from FATF gray list for money laundering and terrorist financing – Minister of Finance
Finance Minister Ken Ofori-Atta revealed that Ghana had been removed from the financial action task force (FATF) gray list on money laundering and terrorist financing.
Mr. Ofori-Atta made this known during a press briefing on Wednesday, June 30.
According to the Minister of Finance, at a plenary meeting on June 23, the Financial Action Task Force, in a unanimous decision, agreed that Ghana had satisfactorily completed its action plan, hence its abolition.
“With this decision, the FATF, and elsewhere, the international community has renewed its confidence in Ghana’s anti-money laundering regime in the face of terrorist financing,” he said.
It was after the International Cooperation Review Group, one of the FATF’s technical groups tasked with identifying, reviewing and monitoring jurisdictions with deficiencies posing a risk to the international financial system, submitted his report.
The finance minister revealed that this is an achievement that will encourage investors to establish business operations in the country.
“It is a great relief for the country considering the economic consequences suffered by the countries which are on gray list. This will strengthen confidence in the integrity of our financial environment and will also stimulate foreign direct investment, ”he said.
In 2016, Ghana underwent a second round of mutual evaluation by the Intergovernmental Action Group against Money Laundering and Terrorist Financing in West Africa, GIABA.
Ghana was the first among its peers in the West African sub-region to pass the second round of mutual evaluation.
Even though this round of mutual evaluations showed progress over a previous one in 2009, there were still significant gaps that needed to be addressed.
Ghana has therefore been placed under observation by the International Cooperation Review Group and a two-year action plan covering 2019 to 2021 has been developed to address this shortcoming.
Following the recognition of the FATF, the European Union also issued a press release on October 18, 2020, adding Ghana to its list of high-risk countries with strategic efficiencies in their fight against money laundering in the face of financing. of the terrorism regime due to Ghana being on the FATF list.
Meanwhile, Ghana could possibly be removed from the list of countries in the European Union with loopholes in anti-money laundering laws after August of this year.
According to an email from the EU responding to Joy Business’s inquiries, the “consortium” noted that there were still some processes to be completed before Ghana could be removed from its list, adding: “now that the Financial Action Task Force (FATF)) has removed Ghana from its list, there are no more demands from the EU.