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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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BoG to publish sanctions for defaulters of anti-money laundering acts

bycitibusinessnews
April 1, 2017
in Banking And Finance, Government, Top Stories
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The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering acts.

This it believes will level the fight against money laundering in the financial institutions.

The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial crimes in the country.

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It followed recommendations upon the completion of a National Risk Assessment report by the Law Enforcement Coordinating Bureau (LECOB).

“The application of Act 749 was to expand the scope of actions that can be taken under the act and to provide for relative matters. The Anti money laundering act of 2014 included the proliferation of weapons of mass destruction in its definition of unlawful activities and the new predicate offence that is tax offence.” Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah explained.

He further explained that “The act expanded the customer due diligence framework which is the bedrock of sound anti money laundering regimes.”

Dr. Asiamah maintained that  going ahead to publish sanctions will reduce the many risks associated with the financial institutions.

“The act also gives the mandate to supervisory authorities to apply administrative sanctions and the bank of Ghana will soon publish its sanctions for non compliance with provisions of the anti money laundering act.” he stated.

About Money Laundering Act 2011

Ghana is determined to maintain a sound financial system and to join global efforts to minimize the scourge of Money Laundering and Terrorist Financing.

Per the Guideline which is issued consistent with the Banking Act, 2004 (Act 673), as amended, and the Anti–Money Laundering Act, 2008 (Act 749), every financial institution shall adopt policies indicating its commitment to comply with AML/CFT obligations under the relevant Acts and regulations to prevent any transaction that facilitates ML/TF activities.

Also, every financial institution shall formulate and implement internal rules procedures and other controls that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under the relevant laws and regulations are always met.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.

 

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Gold exports push Ghana’s trade surplus to $1.3 billion in April

Gov’t expenditure needs to be checked to help deal with inflation – ICAG

Take control of financing on the continent – Ofori-Atta to AfDB

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