"Ghana Is Off The FATF 'Greylist' " - Finance Minister Announces (VIDEO + PICS)
The Minister for Finance, Ken Ofori-Atta has announced that Ghana has finally off the Financial Action Task Force (FATF) ''grey list".
According to him, FATF took such decision at its plenary meeting held on June 23, 2021.
Announcing the good news to Journalists, he said "The FATF took this decision at their plenary meeting held on June 23, 2021, when it was unanimously agreed that Ghana had satisfactorily completed her Action Plan after the International Cooperation Review Group (ICRG) had submitted their report"
He also hinted that by the decision, FATF and the International Community has renewed its confidence in Ghana's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
The Finance Minister mentioned that the good news is a great relief for the country considering the economic consequences suffered by the country while on the list.
"This will boost confidence in the integrity of our financial environment and also boost foreign direct investment. To give background of the "grey list", in 2016, Ghana was subjected to a second round of mutual evaluation by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA)" he added.
Ken Ofori-Atta further noted that even though the mutual evaluation showed some progress over an earlier one in 2009, there were still significant gaps that needed to be addressed.
"Over the last three years, an Inter-Ministerial Committee led by the Ministry of Finance has been hard at work coordinating key reforms to cure strategic AML/CFT deficiencies"
The Minister explained that the Ghana Cares Obaatanpa Programme is Ghana's post-pandemic recovery and transformation plan.
He noted that it has been developed to mitigate the impact of the pandemic on the lives and livelioods of Ghanaians and also ensure that the country quickly emerges from the pandemic with a stronger and more resilient economy.
The Minister told Journalists that Ghana now host the headquarters of AfCFTA adding that over the past few years, the country has engaged in significant reforms to make her the most attractive investment destination in Africa.
He said "We believe that we can achieve this. More importantly, a Ghana Beyond Aid impetus highlights our eagerness for partnerships and linkages to enhance trade and economic cooperation with friends for mutual benefits. Ghana exiting the ICRG process is also an important signal for the rest of the African sub-region"
The Finance Minister used the occasion to thank the Bank of Ghana, Ministry of Interior, Attorney General's Office, Ministry of Foreign Affairs and Ambassador Sena, Securities and Exchange Commission, National Insurance Commission, Minerals Commission, Ghana Revenue Authority and its AML Unit.
He further thanked the Gaming Commission, Registrar General's Department, National Security Council Secretariat, Economic and Organised Crime Office, Ghana Police Service, Narcotis Control Commission, National Intelligence Bureau, Non-Profit Secretariat of the Ministry of Gender, Children and Social Protectio, Civil Society Organisations and all other stakeholders including GIABA's unwavering support that assisted the country one way or the other in achieving such feat.
Ken Ofori-Atta urged stakeholders to keep the momentum adding that the Ministry of Finance, Bank of Ghana, Ghana Revenue Authority will ensure that adequate and sustainable resources are deployed to ensure the integrity of AML/CFT regime in Ghana.
On her part, the Second Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi said "We have issued a public statement to the effect that we currently do not have cy"
Watch the video below:
Story by: Joshua Kwabena Smith