Accra, October 02, GNA – Ghana has received commendation from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) for showing robust political commitment in improving its Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (FP) systems.
Mr. Edwin W. Harris Jr., the Director General of GIABA, commended the nation for its initiatives in combating organized crime, referencing the strong commitment demonstrated by Ghana's President John Dramani Mahama in March of this year during his meeting with the Group regarding AML/CFT.
He disclosed that during his previous time in office, Ghana was placed on the Financial Action Task Force (FATF) grey list, and President Mahama pledged that "Never again" would this occur under his leadership.
"For me, that is the most powerful statement a nation's president can make, signaling a declaration of war against corruption and financial crimes, and GIABA will consistently offer technical assistance to various institutions, particularly the Financial Intelligence Centre (FIC), to ensure they operate efficiently," Mr. Harris stated.
He warned that appearing on the FATF grey list sends unfavorable messages to key investors, so nations should strive to avoid such listings and make efforts to preserve their positive standing.
Mr. Harris made the comments during an interview with the Ghana News Agency (GNA), on the sidelines of a three-day Regional Training session on Investigative Journalism concerning economic and financial crimes, hosted by GIABA.
It aimed to enhance the understanding and refine the abilities of journalists from ECOWAS member countries, enabling them to conduct thorough reporting, effectively collaborate with GIABA and other national organizations, raise public awareness, and responsibly reveal those involved in Money Laundering (ML), Terrorist Financing (TF), and other financial offenses.
The head of GIABA mentioned Ghana as a exemplary nation in the West African sub-region, highlighting that other countries should take inspiration from its initiatives in combating money laundering and terrorist financing. He stated, "Ghana is performing well and was the first country to undergo assessment during the second phase of the mutual evaluation."
He mentioned that during the mutual assessment, a peer review process took place, in which Ghana consented to be evaluated by other ECOWAS member countries, to examine its efforts in combating money laundering, the measures implemented, the progress achieved, the obstacles encountered, and the shortcomings within the system.
Even though this does not involve any punitive measures; it still enabled nations to purify or direct others on their actions aimed at improvement. However, there were certain standards, such that if a country showed slightly poor performance, it would be placed on the FATF grey list.
Once more, regarding effectiveness, Ghana was among the Member States that performed somewhat better, compared to its earlier low score which placed it on the FATF grey list and the European Union black list, respectively, and required significant efforts to escape this situation in 2021, he mentioned.
Mr. Harris outlined the conditions for being included on the grey list, explaining that when the FATF determines a country has significant strategic weaknesses, he stated that GIABA would step in and collaborate with them to address these issues and restore the country's standing.
Ghana is currently getting ready for the third stage of the mutual evaluation, with evaluators from Nigeria, Sierra Leone, Liberia, and other international partners. He mentioned that GIABA is hoping for better records.
The head of GIABA, however, stated that financial crimes kept happening repeatedly and offenders were becoming increasingly cleverer than the law (outsmarting it), as they were familiar with these laws.
He mentioned that, overall, Ghana, similar to many countries in the region, is performing well, yet there are still challenges in combating financial crimes. Some of these issues involve the Judiciary, which lacks sufficient expertise in AML and financial crimes, making prosecution somewhat difficult. However, the positive aspect is the strong political commitment to overcoming these challenges.
Mr. Harris mentioned the creation of the FIC, the Economic and Organised Crime (EOCO), and investigative agencies such as the police, which were all operational and functioning to combat these offenses.
He mentioned that GIABA is collaborating with all member states, and that it has planned a regional training session for Judges and Prosecutors in the month of October, aimed at equipping them with knowledge about the various dynamics involved in current financial crimes, which necessitate changes in criminal laws to combat the tactics used by offenders.
This is crucial because in most of GIABA's regions, the Criminal Procedure Law mandates proof 'beyond a reasonable doubt,' which means an individual is considered innocent until proven beyond reasonable doubt that they are guilty of the offense, he stated.
To be cautious, conviction should rely solely on the strength of evidence against an individual, which is why lawyers typically followed this approach. However, with ML, it was different because the responsibility to prove innocence fell on the accused. "So there's a change in this aspect," he mentioned.
Mr. Harris stated that GIABA needs to keep judges and prosecutors informed and expressed hope that the President would support his statement, while urging other institutions to back this declaration of war against financial crimes, not only to assist Ghana but also to enhance peace, stability, and mutual prosperity through investment in the region.
The third phase of evaluation has commenced, with the verification process scheduled to take place between March and April 2026.
GIABA has received the initial report from Ghana regarding technical compliance and effectiveness compliance, with secretarial assessors currently reviewing the document, indicating that the third round of mutual evaluation in Ghana has already commenced.
GNA
Edited By Christabel Addo
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