European Union (EU) removes Ghana from money laundering blacklist

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Ghana has been removed from the European Union’s blacklist of nations that have failed to implement anti-money laundering measures.

On Friday, June 25, 2021, the Financial Action Task Force (FATF), a worldwide money laundering and terrorism funding watchdog, announced this.

Following discussions between President Nana Addo Dankwa Akufo-Addo, the President of the European Council, Charles Michel, and the European Commission, the European Union (EU) announced plans to remove Ghana from its list of nations notable for money laundering and terrorism funding.

The FATF said in a statement that it “welcomes Ghana’s significant progress in improving its AML/CFT regime,” adding that Ghana “has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies identified by the FATF in October 2018,” adding that “Ghana has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies identified by the FA

“As a result, Ghana is no longer subject to the FATF’s enhanced surveillance. According to the statement, Ghana will continue to cooperate with GIABA to enhance its anti-money laundering and counter-terrorist financing (AML/CFT) framework.

Ghana was one of four African nations named by the European Union in May 2020 as having committed money laundering violations.

According to the EU, the issue puts the financial dealings of the aforementioned countries under closer scrutiny.

Botswana, Mauritius, and Zimbabwe were the other three African countries on the list at the time.

Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia, and Myanmar are the remaining eight countries.