Ghana named amongst 23 countries on 'dirty-money' blacklist

Ghana named amongst 23 countries on 'dirty-money' blacklist

The European Union (EU) has blacklisted Ghana over the country’s weak money laundering and terrorism financing rules.

The EU believes the West African country poses a threat due to its lax control on terrorism financing and money laundering.

Other blacklisted countries include Saudi Arabia, Panama and Nigeria, as well as 19 other jurisdictions.

Ghana named amongst 23 countries on 'dirty-money' blacklist
Ghana President, Nana Akufo-Addo. Source: Facebook/Nana Akufo-Addo.
Source: UGC

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EU commissioner for justice and gender equality, Vera Jourova, said the EU must not be a destination for illicit money.

According to her, the EU Financial system cannot be an instrument for financing crime and terrorism.

The European Commission adopted today a list of 23 third world countries with weak rules against money laundering and terrorism financing. I would like first to explain the context and our main objectives,” she said.

The EU must not be a destination for illicit money. The EU financial system must not serve as a vehicle for money laundering and must not serve as an instrument for financing crime including terrorism.”

Meanwhile, the move has been strongly criticised by some EU states who expressed worry about their economic relations with the listed countries.

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Reuters reports that the Commission also added Libya, Botswana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.

However, the 28 EU states will now sit and decide whether to endorse the list of blacklisted countries or reject it.

This would be decided by qualified majority.

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