European Commission used wrong method to "blacklist" Ghana – Ministry of Finance

Finance Minister Ken Ofori Atta and Vice President Mahamudu Bawumia

The Ministry of Finance has stated that the European Commission has used a "wrong" and "premature" methodology to add Ghana to its list of countries with strategic deficiencies in their framework against money laundering and terrorist financing ( AML / CFT).

he added that Ghana's blacklist of the commission "does not reflect the current state of the AML / CFT regime of Ghana" and cited various strategies, actions and policies adopted by the government to combat the illicit movements of Ghana. # 39; money.

In a press release issued on February 19, the ministry stated that the government had not been informed "of shortcomings to be improved", nor "of the possibility of reacting or the time needed to implement corrective measures," he said. which is the norm ".

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"We therefore consider that the decision is premature and ask for its cancellation," said the ministry in a statement copied to Graphic Online.

This is the first official comment of the country on EC action, which was announced on February 13 in a press release.

In this statement, Ghana joined its West African neighbor on a list of 23 countries that the commission say have weak systems on AML / CFT.

READ ALSO: The EU includes Ghana on the blacklist of "dirty money"

The addition of Ghana to the list means that our request is supported by the fact that banks and other entities governed by the EU anti-money laundering rules will have to apply Increased checks (due diligence) on financial transactions involving customers and financial institutions in these countries better identify suspicious money flows, the statement said.

In response to the EC decision, the Ministry of Finance said: "The Financial Action Task Force, the Task Force on Financial Action (FATF), has acknowledged Ghana's commitment to strengthen its evolving AML / CFT framework. standard parameter global body in AML / CFT.

He cataloged series actions and policies undertaken by Ghana to combat AML / CFT, which he said ensured that the EC decision be reversed.

You will find below the complete declaration.

PRESS RELEASE

FOR IMMEDIATE RELEASE

RESPONSE FROM THE MINISTRY OF FINANCE TO THE LIST OF COUNTRIES WITH STRATEGIC AML / CFT DEFICIENCIES OF THE EUROPEAN COMMISSION

Accra, Tuesday 19 February, 2019 …… Ghana regrets the decision of the European Commission (EC) of 13 February 2019 to add Ghana to its list of countries with strategic deficiencies in the fight against money laundering and corruption. Terrorist Financing (AML / CFT) framework. Ghana's commitment to strengthen the evolution of its AML / CFT framework has been recognized by the Financial Action Task Force (FATF), the standard parameter global body in AML / CFT.

2. We consider that the methodology used by the EC is flawed, as there has been no communication with Ghana regarding gaps to be improved. As a result, Ghana has not had the opportunity to respond or the time to implement corrective measures, which is the norm. we so consider that the decision is premature and ask for its annulment. Our request is supported by the fact that:

• FATF and its regional style bodies, including the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) periodically badesses the AML / CFT regime of the Member States by organizing mutual evaluation exercises;

• Ghana successfully pbaded the second round of mutual AML / CFT badessments and became the first country in the West African subregion to complete the second round of the evaluation process. the report was adopted by the GIABA Ministerial Committee (GMC) at its May 2017 meeting;

• Following the discussion of the Ghana Mutual Evaluation Report by the FATF at its October 2018 plenary meetings, the FATF identified certain strategic deficiencies in the country's AML / CFT. frame, and worked with Ghana to develop an action plan to address it. Indeed, Ghana is currently working with the FATF to effectively implement the plan of action; and

• Ghana met twice with the FATF's International Cooperation Review Group (ICRI). On January 17, 2019, Ghana had a second face-to-face meeting in Dubai, UAE, with the ICRG to discuss progress of the implementation of the action plan and has received positive feedback from the ICRG. The FATF, discussing the country's progress in addressing identified strategic deficiencies, also acknowledged Ghana's high-level political commitment to work with the FATF and GIABA to enhance the effectiveness of its AML / CFT regime.

3. The Ghana blacklist by the European Commission so does not reflect the current state of Ghana's AML / CFT regime. This is unfortunate, and the Ghanaian authorities are ready and willing to discuss with the Commission the true status of the country's AML / CFT regime and efforts to strengthen he, and remove Ghana from the list of countries with strategic deficiencies in their AML / CFT framework.