AML Objectives

GHANA ANTI-MONEY LAUNDERING & COUNTER-TERRORISM FINANCING AGENCY

Money Laundering and terrorism financing (ML/TF) are ongoing threats which have the potential to adversely affect Ghana’s reputation and financial sector. Ghana in recent years has taken tremendous strides to combat ML/TF through the passage of numerous laws and directives. Securities and Exchange Commission, Ghana and Financial Intelligence Centre, the two competent authorities do ensure Market Operators are in compliance with AML/CFT requirements. As part of its supervisory role in enforcing AML/CFT requirements, SEC and FIC introduce these penalties and sanctions in the foregoing paragraphs. 7 1.2 MOs must conduct their businesses with high ethical standards and avoid undertaking business relationships that may facilitate ML/TF.

Objectives:

(1) Amend existing legislation to be consistent with international standards and best practices.

(2) Passage of new legislations.

(3) Develop sector specific AML/CFT Guidelines and Administrative Sanctions/Penalties.

(4) Ensure effective monitoring and supervision of the DNFBP sector.

(5) Enhance the transparency of legal persons and arrangements by requiring disclosure of beneficial owners and employment of robust processes and penalties to insure compliance.

(6) Develop policy guidelines to enhance the confiscation of proceeds of crime.

(7) Build the capacity of Law Enforcement Agencies (LEAs) and the Ghana Revenue Authority on ML/TF& P investigations and Asset Recovery.

(8) Provide adequate financial resources and logistics to the FIC to enhance its operational capabilities. (9) Build the capacity of the Attorney General’s Department, Prosecutors/Lawyers and the Judiciary on ML/TF& P.

(10) Establish an Asset Management Office.