Implementing the Anti-Money Laundering Act (GH0045)
Overview
At-a-Glance
Action Plan: Ghana Action Plan 2024-2028 (December)
Action Plan Cycle: 2023
Status:
Institutions
Lead Institution: Financial Intelligence Center (FIC)
Support Institution(s): Economic and Organized Crime Office (EOCO), Ghana Audit Service. Ghana Anti-Corruption Coalition (GACC), Ghana Integrity Initiative (GII), Center for Democratic Development (CDD). Institute for Democratic Governance (IDEG), Commonwealth Human Rights Initiative (CHRI), West African Civil Society Institute (WACSI).
Policy Areas
Anti Corruption and Integrity, Beneficial Ownership, Capacity Building, Private Sector, RegulationIRM Review
IRM Report: Ghana Action Plan Review 2023-2027
Early Results: Pending IRM Review
Design i
Verifiable: Pending IRM Review
Relevant to OGP Values: Pending IRM Review
Ambition (see definition): Pending IRM Review
Implementation i
Completion: Pending IRM Review
Description
Problem to be addressed
● Ghana was blacklisted by the EU in May 2020 for lapses in the country’s AML /CTF regimes. Ghana responded to the blacklisting by enacting the Anti-Money Laundering Act, 2020 (Act 1044). Ghana was subsequently removed from the blacklist. The problem the commitment seeks to address is to avoid being blacklisted again.
What is the commitment?
The commitment is to effectively implement the Anti-Money Laundering Act, 2020 (Act 1044) to ensure that Ghana does not get blacklisted again for lapses in the country’s AML/CTF regime.
Contribution of commitment to solving problem
● The commitment is expected to mitigate any money laundering and terrorism financing risks in Ghana’s economic sphere, and to avoid future blacklisting.
Relevance of commitment to OGP values
Commitment will ensure implementation of Ghana’s international obligations relating to Anti-Money Laundering and terrorism financing. It will also hold all economic actors accountable for their actions in stemming / preventing money laundering and terrorism financing in Ghana.
Milestone Activity with a verifiable deliverable | Start Date - End Date
Stakeholder consultations for the development of regulations held. Regulations to the Companies Act, 2019 (Act 992) particularly provisions on BO passed. | January, 2024 - December, 2024
Awareness creation events among relevant stakeholders organised. Competent authorities trained in detecting AML/CTF risks. ICT infrastructure for hosting BO central register upgraded and all licenses renewed. | January, 2025 - December 2025
Information sharing protocol / platform created for competent authorities | January, 2026 - December, 2026
Implementation of Anti-Money Laundering Act, 2020 (Act 1044) sustained January, 2027 December, 2027