New Anti-Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P) guidelines have been released by the Bank of Ghana.
The guidelines will help licenced institutions by the Bank of Ghana create and implement their own AML/CFT&P compliance regimes.
It is made in accordance with Section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016 and Sections 52 and 61 of the Anti-Money Laundering Act, 2020 (Act 1044). (Act 930).
According to the BOG, Ghana's efforts to combat money laundering, terrorist financing, and proliferation funding (ML/TF&PF) have increased since the adoption of the now-repealed Anti-Money Laundering Act, 2008 (Act 749) and Anti-Money Laundering (Amendment) Act, 2014 (Act 874).
It emphasised that the intent of Act 1044 will not be fulfilled unless the Bank of Ghana (BOG) and the Financial Intelligence Centre (FIC) effectively implement their joint measures and accountable institutions (AIs) abide by them. It continued, "It is against this background that the BOG and FIC have developed this Guideline for AIs."
The Act 1044, Act 762, as amended, and regulations, as well as pertinent Financial Action Task Force (FATF) recommendations, the Basel Committee on Banking Supervision's good practises, and other international best practises on anti-money laundering and the combating of the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT&P), have all been incorporated into the guideline.
the extent of the illegal activity
The range of illegal acts includes money laundering, product piracy and counterfeiting, environmental crime, affiliation with an organised crime organisation, racketeering, and terrorism, including funding of terrorism.
AML/CFT&P responsibilities of BOG
The Bank of Ghana's duties include using a risk-based approach to supervise and monitor artificial intelligence (AIs); monitoring and periodically assessing the level of ML/TF&PF risk posed by AIs; conducting an examination of AIs using the Bank of Ghana's risk-assessment framework; requesting production of, access to, and any other information necessary for supervision and monitoring of AIs; and creating rules, instructions, or notices to ensure compliance.
Others are required to approve the appointment of the AIs' AMLRO, offer input on whether AIs are complying with their Act 1044 requirements, and carry out any other tasks required to help AIs comprehend their Act 1044 obligations.
The Bank of Ghana shall cooperate with and exchange information with any other competent authorities in the performance of duties and the exercise of powers under Act 1044, in line with section 52(5)(f) of that law.
In this regard, the Bank of Ghana shall initiate, respond to, and notify the FIC immediately to any request from a foreign counterpart; impose administrative fines for failure to comply with Act 1044; issue guidelines, notices, and directives to ensure compliance with Act 1044; and carry out any other duties as may be necessary to ensure compliance with Act 1044.
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