Ghana is said to be lagging behind in its fight against money laundering and the country is attracting negative rating from global and regional agencies responsible for setting standards in Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) issues, the governor of the Bank of Ghana has said.
Speaking at the launch of a guideline on AML/CFT for banks and non-bank financial institutions in Accra Wednesday January 4, 2012, Mr. Kwesi Amissah-Arthur said the launch follows a similar one for the capital market operators by the Securities and Exchange Commission on December 20, 2011.
Mr. Amissah-Arthur expressed the hope that the insurance sector will follow with its own AML/CFT guidelines to complete the cycle of providing a rigorous framework for minimizing, if not eliminating altogether, the misuse of the financial system for illegal activities.
He indicated that with growing financial intermediation and access, there has also been an escalation in the abuse of the financial system by criminal elements. “This has led to increased attempts by governments, monetary authorities and international agencies to combat money laundering and terrorist financing (AML/CFT),” he said.
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