AML/CFT POLICY (2019-2023)
AML/CFT POLICY (2019-2023)
The development and publication of the National AML/CFT Policy (2019-2023) is a major step forward in Ghana’s fight against ML/TF&P. The Policy is based on the findings of the NRA and is meant to address the major structural vulnerabilities and strategic deficiencies within Ghana’s AML/CFT regime. The NRA identified the lack of statistics on ML/TF & P, low level of ML/TF investigations, prosecutions, convictions, asset recovery and the ineffective supervision of Designated Non-Financial Businesses and Professions (DNFBPs), among others. The National AML/CFT Policy is grounded on six (6) key thematic areas (goals) which would be implemented over a period of four years (2019-2023). Ghana is committed to ensuring adequate resources (including financial, technical and logistical) are devoted towards the implementation of this Policy so as to protect the economy from the scourge of money laundering, terrorist financing and transnational organized crimes, and enhance national and global economic stability and growth.
The National AML/CFT&P Policy (2019-2023) was developed based on the vulnerabilities identified in the National Risk Assessment. In addition, a gap analysis was conducted in consultation with all key stakeholder institutions to assess the current AML/CFT regime by taking into consideration the legal and institutional framework. This led to the formulation of strategic goals and objectives that would help mitigate the ML/TF&P risks and address the identified deficiencies which would further strengthen the AML/CFT regime of Ghana. NATIONAL ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM AND PROLIFERATION (AML/CFT&P) POLICY (2019 -2023) 5 A strategic decision was also made to identify needed legislation and regulatory instruments and proceed to through to the parliamentary process, while at the same time aggressively pursuing implementation of remedial executive and administrative actions enabled by existing law.
STRENGTHEN DOMESTIC AND INTERNATIONAL COOPERATION
(1) Promote the exchange of information and intelligence to support ML/TF investigation and prosecution.
(2) Strengthen the feedback and case monitoring mechanism among LEAs in order to enhance information sharing on ML/TF investigation and Prosecution.
(3) Launch a regular consultative fora/mechanism to facilitate communication between supervisors and the private sector.
(4) Strengthen collaboration and cooperation among Regulatory and Supervisory Bodies and other Competent Authorities.
The National AML/CFT Policy and Action Plan is driven by the following strategic principles:
● Aggressively implement all international standards, relating to combating Money Laundering and the Financing of Terrorism and Proliferation set by the Financial Action Task Force and United Nations Security Council Resolutions including targeted financial sanctions addressing ter rorism and proliferation of weapons of mass destruction.
● Optimize and integrate inter-agency AML/CFT policy and operational coordination and cooperation through deployment of technology and formal processes and mechanisms.
● Proactively assist and engage with other jurisdictions through formal and informal channels in initiating, supporting and responding to AML/CFT inquiries and investigations
Deploy the Supervisory and Regulatory Authorities, the Financial Intelligence Centre, Law Enforcement Agencies and the Judiciary to address financial crime and corruption in accordance with identified risks.
Implement a preventive regulatory program across all sectors including the DNFBP sector that employ strong licensing, robust reporting requirements, strict AML/CFT regulations, and risk-based supervision.
Develop and deliver a program of education for private sector stakeholders and partnership with civil society to enhance understanding of ML/TF risks and promote a culture of compliance.
Enhance the capacity of LEAs in the Investigation, Prosecution and increased conviction of ML/TF&P cases. GOAL 1: Strengthen the Legal and Institutional Framework in the fight against ML/TF & P and other Financial Crimes.
STRENGTHEN CAPACITY AND CREATE AWARENESS ON ML/TF & P AMONGST THE FIC
This Regulators, Reporting Institutions, Civil Society Organizations and Private Sector.
(1) Deepen AML/CFT awareness among stakeholders including the general public.(2) Improve risk-based supervision capacity of Regulatory and Supervisory Bodies. There Conduct a comprehensive risk assessment of NPOs, Enhance the identification and reporting of ML/TF&P related STRs, Establish a feedback and collaboration mechanism between the FIC, regulators, and accountable institutions.
NATIONAL ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM AND PROLIFERATION makes sure that every money that goes in and out of Ghana must be properly accounted for and will be used for the right remittance purpose stated at the point of remittance.
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