EU removes Ghana from high-risk money laundering list

The European Union (EU) has removed Ghana from the bloc’s high risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism(AML/CFT) regimes.

The EU took the decision after Ghana strengthened the effectiveness of its AML/CFT regime by addressing related technical deficiencies, a press statement issued by the Ministry of Finance, and copied to the Ghana News Agency, said.

It said Ghana had also strengthened its legal and regulatory framework to meet the commitments in the financial Action Task Force (FATF) action plan, with a view of removing strategic deficiencies identified under the Article 9 of the 4th Anti-money Laundering Directives.

It said Ghana also established legal and regulatory frameworks to meet the commitments in the country’s action plans regarding the strategic deficiencies the FATF had identified.

The EU, in May 2020, added Ghana to their list of high-risk jurisdictions with strategic deficiencies in their AML/FT regimes because Ghana was on the FATF Grey List.

Ghana’s removal from the list was contained in a letter dated January 7, 2022, signed by CommissionerMairead McGuiness, in charge of Financial Services, Financial Stability and Capital markets Union, the statement said.

It said the letter commended Ghana for its continuous efforts in strengthening its framework for the combat against money laundering and terrorist financing.

The Ministry said the Head of the European Union Delegation to Ghana, IrchadRazaaly, in his introductory letter, also commended Ghana for achieving the milestone.

By dint of hard work and political commitment, Ghana addressed all the action items in the action plan even ahead of schedule, the statement said.

It said the letter commended Ghana for its continuous efforts in strengthening its framework for the combat against money laundering and terrorist financing.

The Ministry said the Head of the European Union Delegation to Ghana, IrchadRazaaly, in his introductory letter, also commended Ghana for achieving the milestone.

By dint of hard work and political commitment, Ghana addressed all the action items in the action plan even ahead of schedule, the statement said.

“This is an example of what we can accomplish when we work together towards addressing systemic issues that confront our country,” Mr Ken Ofori-Atta, Minister of Finance, said while commending all stakeholders.

Mr Ofori-Atta said the country, being the headquarters of the African Continental Free Trade Area (AfCFTA), was guided by a vision of establishing the country as the financial services destination for the Africa Region and would work diligently to achieve that vision. -GNA

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