In a bid to mitigate the risk of being blacklisted by the European Union and the United Kingdom, the Bank of Ghana has announced proactive measures.
These steps underscore the institution’s dedication to collaborative efforts with key stakeholders in the financial sector.
Following a comprehensive evaluation of Ghana’s anti-money laundering and counter-terrorism financing regime by the Financial Action Task Force (FATF) in 2022, Ghana was successfully removed from the EU blacklist.
Second Deputy Governor Elsie Addo-Awadzi has expressed the Central Bank’s commitment to working closely with other stakeholders to maintain this achievement.
Speaking at the Financial Intelligence Centre Ghana’s Risk Assessment on Money Laundering and Terrorism Financing forum, Addo-Awadzi emphasized the importance of sustaining the positive outcomes derived from previous reforms.
“As we proceed to the third round of the mutual evaluation process next year, it is imperative that we sustain the fruits of the hard work exerted by all stakeholders that led to critical reforms and implementation that persuaded FATF, the EU, and the UK to remove Ghana from any adverse listings for ML/CFT/PF risks. All stakeholders must continue to work to maintain an effective AML/CFT/PF regime that stands the test of time,” she said.
The Deputy Governor urged financial institutions to back the Central Bank’s efforts in combating money laundering and terrorism financing. Stressing the importance of the National Risk Assessment (NRA), she underscored its role in enabling a thorough self-assessment of the financial system’s development and the efficacy of the current regulatory framework.
“This NRA presents us a rare opportunity to critically self-assess, taking into account the evolution of our financial system and all key sectors of our economy and how business is being conducted since the last assessment, as well as relevant external factors, and to critically assess whether our AML/CFT/PF regime after all the recent reforms remains robust in the face of these developments.”
She further assured that, “The Bank of Ghana, as the guardian of the monetary system, remains committed to playing its parting as a regulator to support the successful completion of the NRA and a successful Third Round Mutual Evaluation exercise.”