Ghana

New Documents

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

The Ministry of Finance published a press release in response to the May 7, 2020 proposal by the European Commission to add Ghana to its list of high risk third countries with strategic deficiencies in their anti-money laundering and counterterrorist financing regimes.

May 27, 2020

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

Ghana’s Ministry of Finance announced that it launched three policy initiatives designed to improve financial inclusion and accelerate the shift toward digital payments in the country, in addition to promoting innovative digital financial solutions to the benefit of all Ghanaians.

May 27, 2020

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

December 12, 2019

Bank of Ghana Publishes AML/CTF Policy

September 27, 2019

Ghana Announces Changes to AML/CTF Framework

August 21, 2019

News

Midweek Roundup: BNP Paribas Hit with Epstein Subpoena, Swiss Accuse Bank of AML Breaches, and More

ING Shutters Ghanaian Accounts, EY ignored internal warnings about Wirecard, and more, in the midweek roundup.

October 7, 2020

Midweek Roundup: US Judge Dismisses Lawsuit Against Danske Bank, Belgium Investigates Credit Suisse, and More

Funds stolen from Russian bank terminated in Liechtenstein, Latvia issues AML guidance, and more, in the midweek roundup.

August 26, 2020

Midweek Roundup: Fed Pauses Exams amid COVID-19 Pandemic, Audit Details Swedbank AML Breaches, and More

March 25, 2020

Midweek Roundup: Turkish Bank Denies US Sanctions Evasion, Goldman Sachs Pleads Not Guilty in 1MDB Case, and More

February 27, 2020

Weekly Roundup: FinCEN Coughs Up Hunter Biden SARs, OCC Expects Few BSA Enforcement Actions, and More

February 7, 2020

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) laws, which are 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 also worked with international partners in 2019 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 the nonprofit sector and designated non-financial businesses and professions continue to represent the largest gaps in Ghana’s AML regime, both in terms of the legal framework and risk. In Ghana, banks and insurance companies are required to identify high-risk clients such as politically exposes persons (PEPs), but there is a lack of effective identification and monitoring of PEPs and their associates. The country also has comprehensive know-your-customer and suspicious transactions reporting regulations, and proposed amendments have been introduced to make beneficial ownership and PEP data publicly available.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 14 High : 0
Largely Compliant : 20 Substantial : 1
Partially Compliant : 5 Moderate : 4
Non-Compliant : 1 Low : 6

A "graylisted" country as of Oct. 19, 2018. Ghana's technical compliance was re-rated in a June 1, 2018 in a follow-up report.

BASEL i

Rank : 85/141
Score : 4.89/10

TRANSPARENCY INTERNATIONAL i

Rank : 80/180
Score : 41/100

Tax Justice Network i

Rank : 117/133
Score : 52/100