Home / BUSINESS NEWS / Finance / Bank of Ghana adopts strict laws to fight money laundering

Bank of Ghana adopts strict laws to fight money laundering

Ghana is taking the fight against money laundering seriously due to the effect of such practice on the economy and the country’s international image, Naa Welbeck Anuonyam, an Official at the Financial Stability Department of the Bank of Ghana, has said.

Ms Anuontam told members of the Institute of Financial and Economic Journalists (IFEJ) at a training workshop in Koforidua on Sunday, 1 December 2019 that most money launderers around the world use West Africa as their entry point into Europe.

To that end, she said, West African countries including Ghana have adopted strict measures to fight the menace.

Ghana, for example, she noted, has passed several anti-money laundering acts as part of the efforts to combat this criminal activity.

“For instance in Ghana we have taken measures which include the enactment of the Anti-Money laundering Act 2008 (Act749),” she said adding that: “We also have the Anti-money laundering (Amendment) Act 2014 (Act 874) and the Banking Act which all help in fighting against this menace.”

 

Source: classfmonline.com

About admin

Check Also

Government borrowed GH¢4.2bn in December 2019

The Government of Ghana borrowed GH¢4.2 billion in notes and bonds in December 2019. This …

Court remands CEO of collapsed Beige Bank, Mike Nyinaku

The Chief Executive Officer (CEO) of defunct Beige Bank, Mike Nyinaku, has been remanded in …

ECO could suffer depreciation amidst unresolved border closure – GUTA cautions

The Ghana Union of Traders Association (GUTA) has warned against the likely depreciation of the …

Leave a Reply

Your email address will not be published. Required fields are marked *