Ghana

New Documents

Bank of Ghana Publishes AML/CTF Guidelines

The Bank of Ghana published new guidelines for regulated entities on anti-money laundering, counterterrorist financing, and countering the proliferation of weapons of mass destruction.

December 29, 2022

GIABA Report Re-Rates AML Regime of Ghana in Three Areas

The Intergovernmental Action Group against Money Laundering in West Africa published a fifth follow-up report on steps taken by Ghana to enhance its anti-money laundering and counterterrorist financing regime, highlighting that improvements resulted in three positive technical compliance re-ratings.

August 30, 2022

Ghanaian Ministry Highlights AML/CTF Efforts in Response to EU Proposed List of High Risk Countries

May 27, 2020

Ghana Ministry of Finance Launches Policies to Strengthen Financial Inclusion, Facilitate Digital Payments

May 27, 2020

Ghanaian Ministry of Finance Releases Economic Policy, Budget Statement for 2020

December 12, 2019

News

Midweek Roundup: ‘Swazi Secrets’ Fallout Begins, Canada Unveils AML Reforms, and More

Compliance officers rethink travel plans, FinCEN renews GTOs, and more, in the midweek roundup.

April 17, 2024

Weekly Roundup: Whistleblowers Flag AML Gaps at Cash App, Swiss Banker Ignored 1MDB Payments, and More

OFAC blacklists Iranian procurement network, AML breaches cost Spanish bank, and more, in the weekly roundup.

February 16, 2024

Weekly Roundup: Goldman Sachs Banker Set for Extradition, Dutch Judge Blocks Account Closure, and More

October 6, 2023

Weekly Roundup: China Jails Investment and Banking Oligarch, Baghdad Property Values Skryocket, and More

August 19, 2022

Legal Brief: Ineffective AML Regimes Proliferate in West Africa

May 31, 2022

Enforcement Actions

0 Items Found

Key Documents

Ghana Issues AML Legislation

January 22, 2008

Ghana Releases Anti-Money Laundering Regulations

February 4, 2011

Ghana Releases Amended Anti-Terrorism Act

April 16, 2012

Ghana Publishes Anti-Terrorism Regulations

June 7, 2012

Ghana Issues AML/CFT Guideline for Financial Industry

December 30, 2011

Ghana Includes Laundering Offenses in Anti-Narcotics Trafficking Legislation

May 24, 1990

Important Facts

The U.S. State Department labels Ghana as a major money laundering country. The State Department highlights that Ghana continues to make progress in strengthening its anti-money laundering (AML) regime, which is largely in line with international standards. In September 2019, Ghana developed a National AML/CTF Policy and Action Plan to address all the strategic deficiencies identified in its national risk assessment. The country's Financial Intelligence Center continues to work with international partners to conduct AML/CTF trainings for both government and private stakeholders. The most prevalent predicate crimes for money laundering offenses in Ghana are fraud, theft, tax evasion, corruption and drug trafficking. Other less prevalent predicate offenses include human trafficking, migrant smuggling, organized crime, arms trafficking, counterfeiting of currency, counterfeiting and piracy of products, environmental crime and forgery. The State Department notes that designated non-financial businesses and professions continue to represent the largest gaps in Ghana’s AML regime due to ineffective adherence to customer due diligence requirements and a lack of enforcement. The country has comprehensive know-your-customer and suspicious transactions reporting regulations, and legislation was signed by President Akufo-Addo in 2019 to establish a beneficial ownership registry.

-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical	Effectiveness
Compliant : 13	High : 0
Largely Compliant : 22	Substantial : 1
Partially Compliant : 5	Moderate : 4
Non-Compliant : 0	Low : 6

Ghana was removed from FATF's "gray list" in June 2021. Ghana's technical compliance was most recently re-rated in an Aug. 29, 2022, follow-up report.

BASEL i

Rank : 42/110

Score : 4.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 75/179

Score : 43/100

Tax Justice Network i

Rank : 117/133

Score : 52/100