Bank of Ghana Issues New Guidelines for AML and CTF

The Bank of Ghana (BOG) has introduced new directives on Anti Money Laundering/Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT&P).

The guidelines are made in accordance with sections 52 and 61 of the AML Act, 2020 (Act 1044) and section 92(2)(a)(vii) of the Banks and Specialized Deposit-Taking Institutions, Act 2016 (Act 930).

According to the BOG, the implementation of the now-repealed Anti-Money Laundering Act, 2008 (Act 749) and AML (Amendment) Act, 2014 (Act 874), together with the Anti-Terrorism Act, 2008 (Act 762), among others, has increased Ghana’s efforts in the combating money laundering, terrorism financing, and proliferation funding.

It emphasised that the purpose of Act 1044 cannot be fulfilled unless BOG and the Financial Intelligence Center (FIC) effectively implement their joint measures and Accountable Institutions (AIs) abide by them, adding, “It is against this background that the BOG and FIC have developed this Guideline for AIs”.

Act 1044 and Act 762 as modified regulations, pertinent FATF recommendations, the best practices of the Basel Committee on Banking Supervision, and several global best practices on AML/CFT&P have all been incorporated into the guideline.

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