Ghana off EU money laundering gray list
Investments can flow freely-FIC
Investors urged to conduct financial transactions without fear
The Financial Intelligence Center (FIC) has urged investors and the business community to be confident in international financial transactions as Ghana is safe from money laundering (ML) and terrorist financing activities (FT).
FIC Chief Executive, Mr Kwaku Dua, speaking to the Daily Graphic, said necessary measures have been instituted to ensure that criminals do not use Ghana as a channel to launder money or engage in terrorist financing acts, thus urging investors and businesses. feel free to move funds in and out of the country using banks and the financial system.
He makes the remarks after Ghana was removed from the European Union’s ‘grey list’ of countries with strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CTF) regimes. .
“This means that the extra checks and due diligence that transactions to and from Ghana have been subjected to by European banks and investors will no longer be there. It also means that the sanctions and pressures that used to be on the banks are now completely erased and they can go about their business freely.”
“Overall it shows that there is common sense in our system and it’s really a confidence booster because being on this list kills confidence and now that we’re out of it, investments can flow freely.” , did he declare.
Mr Dua said the withdrawal was long overdue as it served as the basis for a precedent by the Financial Action Task Force (FATF).
The CEO, however, said that his work with the government since 2018 to strengthen existing legislation and improve the ability of stakeholders and staff to identify, report and analyze suspicious transactions and acts, has boosted the confidence of international bodies in the country. .
Banks and other financial institutions are the immediate beneficiaries of the action.