Tag: money laundering
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Ghana positioned for better growth after exit from money laundering list – Ofori-Atta
The removal of Ghana from the global list of high-risk money laundering and terrorist financing countries has positioned the country for a stronger recovery in the coming months. This is according to Ghana’s Finance Minister, Ken Ofori-Atta, The Financial Action Task Force (FATF), the initiative set up to tackle money laundering globally, grey lists a…
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Ghana removed from money laundering list
Ghana is no longer on the global list of high risk money laundering and terrorist financing countries, after it enacted various legislations to criminalise money laundering and fight the crime. This was made known by global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF) on Friday, June 25, 2021. The country was…
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Tackle money laundering in real estate sector – GREDA to government
The Executive Secretary of the Ghana Real Estate Developers Association (GREDA) Samuel Amegayibor, has urged the government to adopt new and modern ways of fighting illicit money transfer in the real estate sector. According to him, money laundering, which is gradually creeping into the sector will drive away foreign investments if not checked. In an…
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Stakeholders in banking sector intensify efforts to reduce money laundering
Stakeholders in Ghana’s banking sector are advocating for more support from various sectors of the economy to tackle money laundering in Ghana. This menace, which has resulted in Ghana’s current position on the European Union’s grey list, can limit many transactions with other countries if not checked. The Financial Action Task Force (FATF), the initiative…
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Airbus Bribery Scandal: Former boss of Indonesian Airline jailed 8 years
The Jakarta Corruption Court has sentenced Emirsyah Satar to eight years in prison after finding the former President Director of Garuda Indonesia guilty of accepting Rp 49.3 billion (US$3.4 million) in bribes and laundering Rp 87.5 billion related to aircraft procurement. This is according to the Jakarta Post. The court has also fined Emirsyah Rp…
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Ghana among 22 countries blacklisted by EU over money laundering breaches
Ghana has been cited as one of four African countries listed by the European Union (EU) for money laundering breaches. The new list also contains eight other countries named by the EU for the same infraction. According to the EU, the issue puts the financial transactions of the said countries under greater scrutiny. The other…
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Money laundering: BoG places GH¢60,000 fine on banks, others
Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber…
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Housing Ministry gets tough on shady housing transactions
The Works and Housing Ministry is set to introduce laws to regulate activities in the real estate sector and sanitise the housing industry. To this end, the Ministry is set to resubmit a revised Real Estate Agency Bill to cabinet for onward submission to Parliament and subsequent approval. Deputy Works and Housing Minister, Freda Prempeh…
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Housing deficit rises as money launderers quit purchases
Ghana’s strict adherence to anti-money laundering laws has partly contributed to the rise in the country’s housing deficit. This is the indication from the Ghana Real Estate Developers’ Association (GREDA). The Association has therefore advocated pragmatic mechanisms to allow prospective home owners do so. A Council Member of GREDA, Samuel Tenkorang who made the revelation…
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Banking Consultant rejects money laundering claims against Otumfuo
Banking Consultant, Nana Otuo Acheampong has clarified that the Asantehene Otumfuo Osei Tutu II could not have been engaged in any act of money laundering considering the failure of any swift action over the allegation leveled against him. He explains that even though the deposits ordered by the traditional leader triggered a suspicion of money…