The European Commission’s proposal to include Ghana in the record of large risk jurisdictions with strategic deficiencies does not replicate particularly the recent standing of Ghana’s Anti-Cash Laundering and Countering the Financing of Terrorism (AML/CFT) (AML/CFT) regimes, the Finance Ministry said in a statement.
“This is regrettable, and the Federal government of Ghana is usually completely ready to interact with the EC about the accurate standing of the country’s AML/CFT regime and initiatives being produced to strengthen same.”
The European Union this month extra 12 nations around the world to its cash-laundering blacklist, putting their economic transactions less than bigger scrutiny.
They include Botswana, Ghana, Mauritius and Zimbabwe.
Others are Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia and Myanmar.
At the time approved by the European Parliament the checklist will arrive into power in Oct this year.
The commission Vice-President Valdis Dombrovskis said the EU essential to set an finish to filthy dollars infiltrating its economic system.
Read entire statement down below:
Ghana regrets 7th Might, 2020 publication by the European Fee (EC) proposing to the European Union Parliament to increase Ghana to its record of superior danger third countries with strategic deficiencies in their Anti-Revenue Laundering and Countering the Funding of Terrorism (AML/CFT) regimes on 1st October, 2020.
Ghana about the several years has demonstrated a solid dedication to strengthening its AML/CFT regime. Without a doubt, the Economic Motion Process Power (FATF), the world wide common placing on AML/CFT has often acknowledged Ghana’s initiatives in enhancing its AML/CFT routine at a variety of platforms of which the EC is generally represented.
2. Just as the methodology made use of to publish a identical listing on 13th February, 2019, which was at some point withdrawn owing to lack of clarity and transparency in the procedure of figuring out 3rd international locations, we contemplate the methodology applied to come up with this new list after yet again unfortunate. It is instructive to point out that, the European Commission has not engaged Ghana relating to any shortcomings that wanted to be addressed nor was the country presented the possibility to apply corrective measures. On the opposite, when Ghana’s development report was remaining reviewed at the past FATF Plenary meetings held in Paris, France on 19th to 21st February, 2020, no adverse remark arrived from the EC. It is, consequently, a surprise for the EC to point out Ghana as one of the nations to be added to her listing of significant risk 3rd international locations barely a few months later on.
3. You may perhaps remember that, pursuing the discussion of Ghana’s Mutual Evaluation Report by FATF for the duration of their plenary meetings in October 2018, FATF recognized some strategic deficiencies in the country’s AML/CFT framework, and has labored with Ghana to attract up a two calendar year Motion Strategy (2019 -2020) to deal with similar.
4. The state has due to the fact been acquiring periodic deal with-to-confront conferences with the ICRG to assess the development of implementation of the Action Plan. The last encounter-to-encounter conference was from 15th to 17th January, 2020 in Rabat, Morocco. It is well worth mentioning that, given that the action strategy was adopted, Ghana has persistently shown a superior-amount political motivation to utilizing the action system and has generally received positive commendations from the FATF.
5. Certainly, the International Nation Danger Guidebook (ICRG) in their report to the FATF Plenary conferences in February, 2020 acknowledged that all timelines thanks have been met and some motion items dealt with even ahead of their timelines.
6. The European Commission’s proposal to incorporate Ghana in the list of superior chance jurisdictions with strategic deficiencies, consequently, does not mirror accurately the present-day status of Ghana’s AML/CFT routine. This is unlucky, and the Government of Ghana is generally all set to engage with the EC about the genuine standing of the country’s AML/CFT regime and efforts getting built to bolster same.