Money Laundering and Terrorism: Ghana kicks against EU blacklisting

The Ghana government has called on the European Union (EU) to suspend the publication of its list of High-Risk Third Countries and Anti-Money Laundering and Terrorists.

Ghana kicks against European Union's blacklisting

The EU is set to blacklist 22 countries across the world from October, with Ghana included in the list.

Other countries are Panama, the Bahamas, Mauritius, Barbados, Botswana, Cambodia, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe.

According to the EU, the aforementioned states “pose significant threats to the financial system of the Union”.

It said the blacklisted countries are those that have failed to deal with money laundering and terrorism financing.

However, reacting to this, Ghana’s Deputy Minister of Foreign Affairs and Regional Integration, Charles Owiredu called on the EU to suspend the implementation of the policy.

He said the EU must allow for further dialogue with the Organisation of African, Caribbean and Pacific States (OACPS) Council of Ministers on the issue.

Mr. Owiredu said this during a virtual extraordinary session of the Organisation of African, Caribbean and Pacific States (OACPS) Council of Ministers on Monday.

“It is worth noting that most of the countries on the list, including Ghana, have enacted laws to combat money laundering and terrorism. In 2008, Ghana enacted the Anti-Money Laundering Act (ACT 749), which led to the establishment of the Financial Intelligence Centre for improving Ghana’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime,” he said.

“The Centre, using modern technological software, has increased the filing and tracking of Suspicious Transactions Reports (STR) from reporting entities worldwide.

“These strides demonstrate Ghana’s commitment to its international obligations in fighting Money Laundering and Terrorist Financing.”

Banks and other financial and tax firms will be obliged to scrutinise more closely, their clients who have dealings with countries that are blacklisted by the EU.

Also, companies in the named countries will be banned from receiving new EU funding.

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