Ghana to face anti-money laundering review in September


Ghana will have to demonstrate the effectiveness of her policies in combating money laundering in the country by September following an impending evaluation by the Inter Governmental Action Group against Money laundering in West Africa.

This is the caution coming from the Financial and Intelligence centre (FIC). According to the Centre, Ghana has made significant strides in fighting the canker within the last few years.

But the Centre admits more is required of the allied financial institutions to completely erase the system of the practice.

Although Ghana was blacklisted in February 2012 for failing in its fight against money laundering, it was subsequently cleared in October 2012 after some efforts were made in reducing the rate of the crime. In a speech read on his behalf at the launch of TTL capital, the Chief Executive Officer of the Financial and Intelligence Centre, Samuel Thompson Essel was optimistic of Ghana’s performance after the review.

“In September this year, Ghana will be subjected to a mutual evaluation by the inter-governmental action group against money laundering in West Africa.

This a west African regional body responsible for facilitating the adoption and implementation of international standards as regards money laundering and terrorist financing in the west African sub-region,”

“The mutual evaluation will seek whether the necessary laws required under the essential criteria are in force and effective and that the Anti-Monetary Laundering (AML) Counter Financing Terrorism (CFT) systems as implemented by all institutions, are effective.

We must therefore ensure that we put our house in order.” Mr. Essel stated. On her part, the Managing Director of TTL Capital, Efua Filson Fynn appealed to the FIC to support financial institutions to identify and report customers found culpable of the crime, “It comes as a challenge but it is achievable.

For now we have our know your client forms that enables us to track all clients who transact business with us. We are also in collaboration with the IFC where we send reports for review upon suspicion of any act of breach of the laws on financial crime,” she said. Efua Fynn added, “People are devising new strategies to launder money almost every day.

So we will need the FIC to train our anti-money laundering officers so that they can be able to impart the knowledge on all our investment advisors.”

TTL Capital Limited (TTL Capital) is an integrated investment banking and financial advisory firm with registered offices in Accra, Ghana. The company is licensed and regulated by the Securities and Exchange Commission of Ghana.



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