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

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 Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime in Ghana.

Addressing journalists at a press briefing on Wednesday, June 30, Ofori-Atta expressed his excitement that Ghana had completed all processes required to be taken off the list, adding the country was ready to support other neighboring countries in curbing the money laundering menace.

“The Ministry of Finance, Bank of Ghana and the Ghana Revenue Authority will ensure that adequate and sustainable resources are deployed to ensure the integrity of AML/CFT regime in Ghana. We also stand ready to support our neighboring countries. With these achieved, Ghana will be applying to be members of the FATF organization”

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

Finance Minister, Ken Ofori-Atta said the decision was a great relief for the country, considering the economic consequences brought on it while on the list.

The delisting of Ghana from the AML/CFT is expected boost confidence in the integrity of the country’s financial environment as well as boost foreign direct investment.

The European Commission in May 2020 announced that Ghana was among 12 countries that posed “significant threats” to the EU’s financial system, due to deficiencies in anti-money laundering and counter-terrorist financing strategy.

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