Ghana has been formally removed from the European Union’s list of nations involved in money laundering and terrorism funding, according to President Nana Addo Dankwa Akufo-Addo.
This happened after the government implemented several laws to outlaw money laundering and combat the crime.
Ghana was removed from the Financial Action Task Force’s list after the global watchdog on money laundering and terrorist financing got satisfied that Ghana had adequately strengthened its regime against the two practices, in line with international requirements.
Nana Akufo-Addo expressed Ghana’s delight at the news during a meeting with visiting Hungarian President János der at the Jubilee House.
“We received a notification from the European Commission through the intermediary of the commissioner for financial services, financial stability, and capital markets union, Mairead McGuinness that Ghana after the pursuit of some rigorous reforms has now been formally removed from the grey list of high-risk countries in money laundering activities,” he said.
According to a statement issued by the Jubilee House in May 2021, the decision to remove Ghana off the list was made during President Nana Akufo- Addo’s two-day working visit to Brussels, Belgium.
The European Commission accused Ghana, along with three other African nations, including Botswana, Mauritius, and Zimbabwe, of anti-money laundering and terrorism financing concerns in May 2020.
They had all been subjected to financial transaction monitoring.
According to a Commission study, the results are part of a holistic strategy to further improve the EU’s fight against money laundering and terrorist financing.
Other nations on the list include the Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia, and Myanmar.
The International Monetary Fund (IMF) identified the mentioned nations after conducting a comprehensive review of their financial system’s integrity in the EU.
In order for them to be delisted, the impacted nations have to demonstrate a significant commitment to combating the threat.
Ghana was added to a list of 23 nations in February 2019 for the same reason.
At the time, the Finance Ministry described as regrettable the decision of the European Commission to add Ghana to its list of countries defaulting in the anti-money laundering and the financing of terrorism framework.
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SOURCE: CITINEWS
