In a bold move to reinforce national and international financial security, Ghana has intensified its efforts in the fight against Money Laundering (ML), Terrorism Financing (TF), and Proliferation Financing (PF), which continue to pose grave threats to global peace, security, and economic development. These criminal financial activities, now recognized as global phenomena, have been flagged as significant risks not only to Ghana’s developmental agenda but also to the stability of its financial sector.
As part of a broader strategy to address these threats, the Government of Ghana has over the years enacted a comprehensive legal and regulatory framework. These include the Anti-Money Laundering Act, 2008 (Act 749) and its subsequent amendments, the Anti-Terrorism Act, 2008 (Act 762), and related amendments passed in 2012 and 2014. More recently, the Anti-Money Laundering Act, 2020 (Act 1044) was enacted to consolidate and enhance Ghana’s commitment to fighting illicit financial flows.
However, as regulatory frameworks tighten, one sector has come under particular scrutiny — Foreign Exchange Bureaux. These institutions have increasingly been recognized as vulnerable to ML/TF&PF risks due to their direct dealings in cross-border currency exchanges. As a result, regulators are demanding stronger monitoring, surveillance, and compliance measures within the sector.
To this end, new guidelines have been issued to help Foreign Exchange Bureaux build robust Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT&P) compliance programs. The guidelines cover several key areas, including the appointment and responsibilities of an Anti-Money Laundering Reporting Officer, cooperation with regulatory authorities, customer due diligence procedures, risk assessments, monitoring and reporting of suspicious transactions, and regulatory reporting standards. Additional requirements include proper recordkeeping and employee training programs.
Authorities stress that the proper implementation of these guidelines will not only shield Foreign Exchange Bureaux from being exploited for criminal purposes but will also protect them from significant reputational and financial harm. The guidelines advocate for a risk-based approach to be embedded in every aspect of their operations, ensuring that internal policies identify not only money laundering and predicate offences but also prescribe firm sanctions for non-compliance.
By fostering a culture of compliance, these measures are designed to enhance the resilience of Ghana’s financial system against both domestic and international threats. The Bank of Ghana and other supervisory bodies are expected to play a critical role in enforcing the guidelines, ensuring that the fight against financial crime is both coordinated and effective.
As Ghana continues to align its practices with international standards, these efforts underscore the country’s determination to maintain financial integrity, support economic growth, and contribute meaningfully to global security.
Read the notice below
By FCCT Editorial Team freeslots dinogame telegram营销
