PRAAD LAUNCH OF THE GUIDELINES FOR IMPLEMENTATION// ELIZABETH OBENG YEBOAH
Ghana enacted a new Anti-Money Laundering Act, 2020 (Act 1044). the new Act consolidates the laws relating to the prohibition of money laundering.
The deficiencies of the old Anti Money Laundering Act, 2008 (Act 749) and seeks to make Ghana’s anti money laundering laws adhere to international standards.
According to Madam Elezebeth Obeng Yeboah of FIC said, As such, the Act makes changes to the governance and administrative structure of the Financial Intelligence Centre (FIC);
He said, it expands the scope of unlawful activities and the oversight of accountable institutions and imposes strict sanctions on persons who engage in money laundering.
He added that, the FIC is now expected to help accelerate the fight against money laundering, tax evasion, the financing of terrorism and other unlawful activities.
Also Madam Elezebeth Obeng Yeboah said, As part of its functions, the FIC must collaborate with investigating authorities and security and intelligence agencies.
He made a clear point that, the Centre is also authorized to share information with foreign counterpart agencies that perform similar functions.
Notably, the offence of money laundering now includes persons who assist in the commission of any of the unlawful activities described under the Act.
He said, these activities include the offences of fraud, bribery and corruption, human trafficking, counterfeiting currencies, insider trading, environmental crimes, robbery, piracy, and smuggling.
Story by Fada Amakye from Daily Sun.