BOG issues new guidelines for Anti-Money Laundering and Combating Terrorism Financing
The Bank of Ghana has issued new guidelines for Anti-Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).
The guideline will assist the design of Bank of Ghana Licensed Institutions and implement their respective AML/CFT&P compliance regime.
It is made in pursuance of sections 52 and 61 of the Anti-Money Laundering Act, 2020 (Act 1044) and section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016, (Act 930).
The BOG said the enactment of the now repealed Acts:- Anti-Money Laundering Act, 2008 (Act 749) and AntiMoney Laundering (Amendment) Act, 2014 (Act 874), together with the Anti-Terrorism Act, 2008 (Act 762), among others has intensified Ghana’s efforts towards the fight against money laundering, terrorism and proliferation financing (ML/TF&PF).
It stressed that the purpose of Act 1044 will not be realised unless there is an effective implementation of the collaborative measures being adopted by the Bank of Ghana (BOG) and the Financial Intelligence Centre (FIC) as well as compliance by accountable institutions (AIs), adding, “It is against this background that the BOG and FIC have developed this Guideline for AIs”.
The guideline has incorporated essential elements of Act 1044, Act 762 as amended and regulations, relevant Financial Action Task Force (FATF) Recommendations, the sound practices of the Basel Committee on Banking Supervision and other international best practices on AntiMoney Laundering and the Combating of the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).
Scope of unlawful activities
The scope of unlawful activities include counterfeiting currency, counterfeiting and piracy of products, environmental crime, participation in an organised criminal group and racketeering and terrorism, including terrorist financing.
AML/CFT&P obligations of BOG
The functions of the Bank of Ghana include adoptinga risk-based approach in supervising and monitoring AIs; monitor and periodically assess the level of ML/TF&PF risk of the AIs; carry out an examination of AIs based on the Bank of Ghana risk-assessment framework, request production of, access to, the records, documents, or any other information relevant to the supervision and monitoring of AIs and develop guidelines, directives or notices to ensure compliance.
Others are to provide feedback on compliance with obligations under the Act 1044 by AIs; approve the appointment of the AMLRO of AIs; and undertake any other activity necessary for assisting AIs to understand their obligations under Act 1044.
In accordance with section 52(5)(f) of Act 1044, the Bank of Ghana, shall also co-operate and share information with any other competent authorities in the performance of functions and the exercise of powers under Act 1044.
In this regard, the Bank of Ghana shall initiate and act on a request from a foreign counterpart and notify FIC immediately; impose administrative penalties for non-compliance with Act 1044; issue Guidelines/Notices/Directives to ensure compliance with Act 1044; perform any other function as may be required to ensure compliance with Act 1044; among others.