Ghana

New Documents

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.

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.

Enforcement Actions

0 Items Found


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