Ghana no longer on EU’s money laundering blacklist

Ghana is no longer on the European Union’s list of blacklisted countries that has failed to put in measures to fight money laundering.

This follows the removal of the country from the league of countries cited for money laundering by the Financial Action Task Force today 25th June, 2021.

Prior to that, the European Union had hinted that the country was going to be taken off the list of blacklisted countries in relation to the money laundering.

The FATF in a statement said it welcomes the significant progress by the country in improving its AML/CFT regime, explaining further that Ghana has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in October 2018.

“Ghana is therefore no longer subject to the FATF’s increased monitoring process. Ghana will continue to work with GIABA to improve further its AML/CFT regime”, it added.

EU blacklisted Ghana for money laundering in May 2020

The EU blacklisted Ghana among several other countries for money laundering in May 2020. Other African countries blacklisted were also Botswana, Mauritius and Zimbabwe.

The EU said “under the Anti-Money Laundering Directive (AMLD), the commission has revised its list, taking into account developments at the international level since 2018 and that the “new list is now better aligned with the lists published by the FATF (Financial Action Task Force).”

The Bahamas, Barbados, Jamaica, along with Cambodia, Mongolia, Myanmar, Nicaragua, and Panama are the other affected countries.

The European Union in October 2020 clarified that there was no evidence of money laundering on the part of any official in the administration of President Akufo-Addo government, although it has blacklisted Ghana.

The Head of Delegation of the EU to Ghana, Ambassador, Diana Acconcia, noted that Ghana was blacklisted because it failed to comply with checks that could forestall possible money laundering, but later said “there is no evidence of money laundering in Ghana”.

According to her, the EU would have ceased doing business with the Akufo-Addo administration if indeed any of his appointees had been caught engaging in money laundering or funding terrorist operations.

Source: Goldstreet Business