Finance Minister Ken Ofori-Atta has said Ghana’s removal from the list of the European Union (EU) money laundering, terrorism financing is a confidence booster for the local economy.

He assured that the government will do everything to ensure Ghana’s exit is safeguarded.

Speaking at a press conference in Accra on Wednesday June 30, he said “The Ministry of Finance, Bank of Ghana and the Ghana Revenue Authority would ensure that adequate and sustainable resources are deployed to ensure the integrity of the AMLCF regime in Ghana.

“We also ready to support our neighboring countries who will be going through mutual evaluation.”
Barely a month after its recommendation, the Financial Action Task Force (FATF) has removed Ghana from the list of high risk, third world countries with strategic deficiencies in anti-money laundering and countering of terrorism financing.

This follows a review by FATF in February.

The European Union (EU) had hinted of removing Ghana from the list after President Nana Addo Dankwa Akufo-Addo met the President of the European Council, Charles Michel, in Brussels last month.

The EU had commended Ghana for the efforts made in implementing the action plan of the International Country Risk Guide (ICRG) in record time.

In its latest report on Friday, June 25, FATF noted that Ghana has strengthened the effectiveness of its regime of anti-money laundering and countering terrorism financing “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.”