Accra: Ghana has been lauded by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) for its robust commitment to enhancing its Anti-Money Laundering (AML), Countering Financing Terrorism (CFT), and Proliferation Financing (FP) regimes. Mr. Edwin W. Harris Jr., the Director General of GIABA, praised Ghana's efforts against organized crimes, highlighting the firm resolution made by Ghana's President, John Dramani Mahama, in March regarding AML/CFT during a meeting with the Group.
According to Ghana News Agency, President Mahama expressed regret over Ghana's previous placement on the Financial Action Task Force (FATF) grey list during his past tenure and pledged that such a scenario would not recur under his administration. Mr. Harris commended this stance as a significant declaration against corruption and financial crimes and assured that GIABA would continue to provide technical support to institutions like the Financial Intelligence Centre (FIC) to enhance their efficacy.
Mr. Harris emphasized the importance of avoiding the FATF grey list, as it sends adverse signals to investors, urging countries to maintain their positive statuses. His remarks came during an interview with the Ghana News Agency on the sidelines of a three-day Regional Training on Investigative Journalism focusing on economic and financial crimes, organized by GIABA. The training aimed to bolster journalists' skills from ECOWAS member states in reporting financial crimes and collaborating with institutions like GIABA to increase public awareness and expose money laundering and terrorist financing.
Ghana has been cited as a model nation within the West African sub-region for its strides in AML/CFT efforts, being the first country assessed in the second round of mutual evaluation. This evaluation involved a peer review process by other ECOWAS member states to assess Ghana's progress, challenges, and system deficits in combating money laundering. Although no punitive actions are involved, the evaluation serves to guide and improve national efforts, with poor performance potentially leading to inclusion on the FATF grey list.
Ghana's improvement from previous low scores, which had placed it on the FATF grey and European Union blacklists, to its current standing, underscores the effectiveness of its efforts. Mr. Harris explained that countries are listed on the grey list when the FATF identifies significant strategic deficiencies. GIABA steps in to assist these countries in addressing and rectifying such deficiencies.
Ghana is preparing for the third round of mutual evaluation, with assessors from Nigeria, Sierra Leone, and Liberia, among other international partners. Mr. Harris highlighted ongoing challenges in financial crime prosecution, particularly due to limited knowledge within the judiciary on AML and financial crimes. However, he noted the strong political will to combat these crimes and the establishment of bodies like the FIC and Economic and Organised Crime Office (EOCO) as positive steps.
GIABA is also organizing regional training for judges and prosecutors to equip them with knowledge on current financial crime dynamics and necessary legislative shifts to counter criminal activities effectively. Mr. Harris emphasized the importance of aligning legal procedures with the unique aspects of money laundering cases, where the burden of proof often shifts to the accused.
The third round of assessment for Ghana, which has already commenced, is set to involve verification between March and April 2026. GIABA has received Ghana's initial report on technical and effectiveness compliance, marking the start of the mutual evaluation process. Mr. Harris expressed confidence in Ghana's continued commitment to combating financial crimes, contributing to regional peace, stability, and investment prosperity.