Ghana no longer subject to FATF’s monitoring on money laundering

The Financial Action Task Force (FATF) has decided not to subject Ghana to its monitoring process under the on-going global anti-money laundering and combating financing of terrorism (AML/CFT) compliance process.

The global standard setting body for anti-money laundering took the decision during its second plenary meeting held in Paris, France from February 20-22, 2013.

This was due to Ghana’s improvements in fighting money laundering as a country.  The country has since being removed from the blacklist rolled out a number of measures and guidelines in the financial sector to curb the perceived situation.

The FATF also named Venezuela as not subject to the same process.

“The FATF congratulates Ghana and Venezuela for the significant progress made in addressing the strategic AML/CFT deficiencies identified in their action plans agreed with the FATF,” the body said in its outcomes of the Paris meeting.

FATF added “These countries will no longer be subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process.”

According to the global body, both Ghana and Venezuela “will work with their respective FATF-Style Regional Bodies” as they continue to address the full range of AML/CFT issues identified in their Mutual Evaluation Reports.

Ghana was blacklisted as a money-laundering nation on February 16, 2012 for failing to meet international standards but on October 19, 2012, the Organisation for Economic Co-operation and Development (OECD) backed FATF announced that “Ghana has been removed from the FATF’s Public Statement” of the blacklist.

According to the body, Ghana is largely “addressing its action plan agreed upon with the FATF”.

A team from the FATF paid a visit to Ghana early in January 2013 and President John Mahama assured them of Ghana’s commitment to strengthening structures that would enhance the effective implementation of anti-money laundering and terrorism financing.

Mr Richard Chalmers, Head of the FATF delegation, said their presence in the country was to assess and confirm all the preparation Ghana had made and to re-affirm its commitment to supporting West Africa to achieve its goals.

By Ekow Quandzie