Ghana reacts to planned blacklist by European Commission in October; calls for suspension

Ghana reacts to planned blacklist by European Commission in October; calls for suspension

- Ghana has requested a dialogue with regard to the decision of the European Commission to blacklist it

- The country is one of 22 states that has been set for blacklisting in October 2020 due to money laundering and anti-terrorism activities

- Ghana argued that a number of mechanics have been implemented to halt the challenges

Our Manifesto: This is what believes in

The Ghanaian government has called on the European Commission (EC) to suspend a planned blacklist of 22 states in October 2020.

The call follows a decision by the EC to suspend the countries, including Ghana, after it received reports of terrorism and money laundering.

The EC, which is the executive branch of the European Union (EU), earlier published a list of High-Risk Third Countries and Anti-Money Laundering and Terrorists.

Ghana reacts to planned blacklist by EC in October; calls for suspension
Minister of Foreign Affairs, Shirley Ayorkor Botchwey Source: Ghana Web
Source: UGC

READ ALSO: Ken Ofori-Atta calls for reforms in Africa; says global investors are unfair

It noted that the countries were serious threats to its financial system due to failings in dealing with the two challenges.

The decision implies that financial institutions would be required to closely scrutinise clients who do business with such countries.

A report by shows companies in such countries would also be banned from receiving funding from the EU starting from October 2020.

During the course of a virtual session of the Organisation of African, Caribbean and Pacific States (OACPS) Council of Ministers on Monday, 27 July 2020, the deputy Foreign Affairs Minister, Charles Owiredu, called for dialogue on the matter.

He noted that a number of countries on the list, including Ghana, have enacted laws to deal with money laundering and terrorism. earlier reported that the EU has blacklisted Ghana, among several other countries, for money laundering.

The EU said, under the Anti-Money Laundering Directive, the Commission has revised its list, taking into account developments at the international level since 2018, and that the “new list is now better aligned with the lists published by the Financial Action Task Force".

READ ALSO: Government is ready to protect jobs and businesses - Ken Ofori-Atta

Enjoyed reading our story?

Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

Want to be featured on Send us a message on our Facebook page or on Instagram with your stories, photos, or videos.

Source: Yen

Online view pixel