The Anti – Money laundering Bill on Thursday 17th December 2020 has been passed by Ghana’s Parliament.
The Bill is to upgrade the existing anti-money laundering regulatory framework to make it more consistent with international standards.
According to Chairperson of the Finance Committee, Mark Assibey Yeboah, the bill when assented to by the President will also empower the Financial Intelligence Center by ensuring adequate funding and logistics to clamp down on terrorism, money laundering and also investigate unexplained wealth of citizens.
Mr Assibey Yeboah is confident that Ghana will soon be taken off the European Union’s money laundering blacklist due to the strengthening of its financial laws.
The concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.