Ghana removed from EU money laundering list

Following a profitable analysis of Ghana’s regime in opposition to cash laundering and the financing of terrorism, the Monetary Motion Job Drive (FATF) has eliminated the nation from its checklist of non-compliant jurisdictions.

The European Fee on January 7, 2022, eliminated Ghana from the EU Blacklist by acknowledging that it not has strategic deficiencies in its Anti-Cash Laundering/Counter-Terrorist Financing (AML/CFT) regimes.

“The FATF welcomed important progress made by Botswana, Ghana and Mauritius in enhancing its AML/CFT regime and famous that Botswana, Ghana and Mauritius have established the authorized and regulatory framework to satisfy the commitments of their motion plans concerning the strategic deficiencies that the FATF had recognized,” the Council of the European Union stated in a discover.

“The Fee’s evaluation concludes that The Bahamas, Botswana, Ghana, Iraq and Mauritius not have strategic deficiencies of their AML/CFT regime contemplating the out there data. The Bahamas, Botswana, Ghana, Iraq and Mauritius have strengthened the effectiveness of their AML/CFT regime. These measures are sufficiently complete and meet the required necessities to think about that strategic deficiencies recognized beneath article 9 of the Directive (EU) 2015/849 have been eliminated”.

Reacting to the event, President Nana Addo Dankwa Akufo-Addo stated the nation had pursued some rigorous reforms in its bid to get faraway from the checklist.

“We’re delighted that, on seventh January 2022, we obtained a notification from the European Fee, by means of the middleman of the Commissioner for Monetary Companies, Monetary Stability and Capital Markets Union, Mairead McGuinness, that Ghana, after the pursuit of some rigorous reforms, has now, formally, been faraway from the Gray Listing of high-risk third nations in cash laundering actions,” President Akufo-Addo stated.

President said this when he addressed a joint press convention, at Jubilee Home on Thursday, January 13, 2022, with the visiting President of the Republic of Hungary, János Áder, who’s on a State Go to to Ghana.

Background

The European Fee in Might 2020 listed Ghana and 11 different nations as having lapses within the nation’s AML and CFT regimes, thus posing important threats to the European Union’s monetary system.

The inclusion of Ghana within the blacklist meant that monetary transactions from Ghana into the EU and vice versa obtained additional scrutiny to make sure that they didn’t escape the “deficiencies” recognized to the good thing about cash launderers and terrorist financiers.

The same motion was taken on Ghana in 2019.

Supply: Graphic On-line