The Bank of Ghana has announced its proactive measures to prevent the risk of being blacklisted by the European Union and the United Kingdom, emphasizing a commitment to collaborative efforts with key stakeholders in the financial sector.
In 2022, Ghana was successfully removed from the EU blacklist following a comprehensive evaluation of its anti-money laundering and counter-terrorism financing regime by the Financial Action Task Force (FATF).
Second Deputy Governor Elsie Addo-Awadzi conveyed the Central Bank’s determination to work closely with other stakeholders to uphold this achievement.
During the Financial Intelligence Centre Ghana’s Risk Assessment on Money Laundering and Terrorism Financing forum, Addo-Awadzi underscored the importance of sustaining the positive outcomes resulting 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 encouraged financial institutions to support the Central Bank’s initiatives in combating money laundering and terrorism financing. Emphasising the significance of the National Risk Assessment (NRA), she highlighted its role in facilitating a critical self-assessment of the financial system’s evolution and the effectiveness of the existing 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.”
Source: Ghanaweb