Ghana aims to become member of Financial Action Task Force – Ken Ofori-Atta

Minister of Finance, Ken Ofori-Atta

Ghana is aiming to become a member of the Financial Action Task Force after being graylisted for money laundering and terrorist financing, Finance Minister Ken Ofori-Atta has revealed.

According to him, key agencies such as the Ghana Revenue Authority and the Bank of Ghana and the Ministry of Finance will ensure that sustainable resources are deployed to maintain the integrity of the fight against money laundering / terrorist financing. (LAB / CFT) scheme in Ghana.

Speaking to reporters at a press briefing on Wednesday, June 30, Ofori-Atta expressed enthusiasm that Ghana has completed all the processes required to be removed from the list, adding that the country is ready. to help other neighboring countries fight the threat of money laundering.

“The Ministry of Finance, the Bank of Ghana and the Ghana Revenue Authority will ensure that adequate and sustainable resources are deployed to ensure the integrity of the AML / CFT regime in Ghana. We are also ready to support our neighboring countries. Once these objectives are achieved, Ghana will apply to become a member of the FATF organization ”

The FATF took the decision to remove Ghana from the AML / CFT list following its plenary meeting held on 23 June 2021, when it was unanimously agreed that Ghana had satisfactorily completed its action plan. after the International Cooperation Review Group (ICRG) submitted its report.

Finance Minister Ken Ofori-Atta said the move was a great relief for the country, given the economic consequences it has had on the list.

Ghana’s removal from AML / CFT is expected to strengthen confidence in the integrity of the country’s financial environment as well as stimulate foreign direct investment.

The European Commission announced in May 2020 that Ghana was among 12 countries that posed “significant threats” to the EU financial system, due to gaps in the strategy to combat money laundering and financing. terrorism.

According to the EU, the weaknesses identified represented a serious risk for their financial system, hence the blacklist, based on the recommendations of the Financial Action Task Force.