Benjamin Kyei Armoo, the Chief Compliance Officer at GCB Bank
Political will and leadership are key to West African nations' success in combating money laundering and terrorist financing, as seen in Ghana’s exit from the Financial Action Task Force (FATF) gray list.
However, other countries in the region struggle due to insufficient political commitment.
Experts at the Afreximbank Compliance Forum stressed the importance of political leaders supporting anti-money laundering (AML) and counter-terrorism financing (CFT) measures.
While some progress has been made in tax transparency, more commitment is needed to ensure regional resilience and adherence to FATF standards.
A new AfDB project aims to strengthen AML/CFT regimes in GIABA member states.
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