Ghana to be removed from EU’s red list of money laundering within 1 month
- EU has made known plans to ,remove Ghana from its list of countries known for money laundering
- This is as a result of progress made by the country in taking corrective measures to deal with issues raised by Financial Action Task Force
- According to Eugene Arhin, Ghana was likely to be taken off the red list within a month
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The European Union (EU), has made known plans to remove Ghana from its list of countries known for money laundering and terrorism financing.
This is as a result of progress made by the country in taking corrective measures to deal with issues raised by global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF).
In a statement issued and signed by Eugene Arhin, director of communications at the presidency and sighted by YEN.com.gh, this decision is said to have been made after deliberations on May 19 and May 20 seemed fruitful.
Eugene Arhin added that Ghana was likely to be taken off the red list within a month.
“The European Union acknowledged the efforts Ghana has made in implementing the action plan of the International Country Risk Guide (ICRG) in record time. The Commission, thus, congratulated Ghana for the reforms embarked on, as well as the sustainable, robust systems deployed towards being taken off the list” the release added.
The European Union on May 7, 2020, announced that 12 countries had been placed on the list of jurisdictions with weak or deficiencies in Anti Money Laundering and Terrorism financing laws.
The countries included Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama, and Zimbabwe.
According to the EU, the weaknesses identified in these countries posed a serious risk to their financial system hence the action.
Ghana’s Finance Ministry had described the action as surprising and unfortunate, especially when the government claimed that they had taken steps to address the problems outlined by the task force.
In a related development, the Ministry of Finance in partnership with the European Investment Bank have signed an agreement for the provision of a €170 million loan facility for the establishment of a new national bank.
The new bank, the Development Bank Ghana (DBG), is an integral feature of the GH¢100 billion Ghana Cares ‘Obaatampa’ Project.
The Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, signed on behalf of Ghana, with Dr. Werner Hoyer, President of EIB, signing on behalf of the Bank.
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