Cyber Security Regulation to combat financial crimes ready – BoG

Dr Opoku-Afari

Dr Opoku-Afari

The Bank of Ghana (BoG) has completed a Cyber Security Regulation to combat financial crimes and money laundering, the First Deputy Governor of the BoG, Dr Maxwell Opoku-Afari has said.

The regulation, which would be launched by the end of July and would serve as a guide for financial transactions, was also to combat terrorist financing.

Dr Opoku-Afari disclosed this at a three-day training workshop on financial crime for players in the banking, finance and insurance industries in Ghana.

The programme dubbed Financial Crime Prevention: Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF) is being organised by the Ghana International Bank (GHIB).

Dr Opoku-Afari who delivered the keynote address said the BoG had received inputs and suggestions from players in the banking, finance and insurance industries and the suggestions and inputs were being consolidated and incorporated in the regulation.

He said the regulation formed part of measures to combat AML and CFT in Ghana in a bid to build a safe banking, finance and insurance industries in Ghana.

The First Deputy Governor also indicated that the BoG was collaborating with the Financial Intelligence Centre and the Economic and Organised Crime Office to combat illicit financial flows.

Dr Opoku-Afari said it was estimated that financial crimes constitute about five per cent of illicit financial flows and that accounted for about $800 billion to two trillion of financial crimes.

According to the First Deputy Governor only one per cent of financial crimes were detected and the perpetrators of financial crimes benefit from illicit financial flows.

Dr Opoku-Afari commended the GHIB for the workshop and said it would build the capacity of the participants to properly scrutinise financial transactions in their respective organisations.

He entreated the participants to take advantage of the training to beef up their knowledge on CTF AML issues and also share the knowledge they would acquire at the workshop with their colleagues home.

The Head of Compliance at GHIB, Bisi Giwa said Ghana needed to put measures in place to control financial crimes and illicit financial flows.

According to her, Ghana “had been moved from medium risk to high risk,” in terms of financial crimes.

She said the training workshop was to equip the participants with the strict controls they had to follow when transacting business with the GHIB and also bring them to speed to the changing dynamics in financial crimes and illicit financial flows.

Ms Giwa said combating financial crimes in Ghana would enable the banks in the country to have better working relationship with corresponding banks in the United Kingdom, the world’s financial services hub.

Martin Allen, an Anti Financial Crime and Anti-Money Laundering Experts emphasised their need for players in the banking, finance and insurance industries to strengthen their systems to combat illicit financial flows.

He said illicit financial flows were often used to finance terrorist organisations and groups.

Mr Allen stressed that financial crimes and terrorist financing posed a threat to global peace and every individual was at risk of a terrorist attack.

 

 

 

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