Ghana to be evaluated on anti-money laundering laws
In September this year, Ghana will be subjected to an evaluation process by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
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According to the Chief Executive Officer of the Financial Intelligence Centre, Ghana, Mr Samuel Thompson Essel, the mutual evaluation will seek to assess whether the necessary laws, regulations or other measures required under the essential criteria of anti-money laundering are in force.
It will also check whether the Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) system being implemented are effective.
Mr Essel made this known in a speech read on his behalf during the official launch of TTL Capital Limited (TTL Capital), an integrated investment banking and financial advisory firm in Accra.
Established in 2014, TTL Capital is managed by experienced professionals who are committed to providing quality services to both private and institutional investors.
Money laundering
Mr Essel said money laundering and terrorist financing were complex crimes and it was, therefore, prudent for accountable institutions to identify and assess the AML/CFT risks of their institutions and allocate resources to mitigate the identified risks particularly with new technologies and non-face-to-face transactions and relationships.
“Effective due diligence must be conducted on existing and new customers and even extended to your staff members”, he said.
He also urged members of the financial and investment sector to, as much as possible, monitor transactions and file Suspicious Transaction Reports and Cash Transaction Reports in accordance with law.
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He also urged all investment companies to ensure that their ‘houses’ were in order for the upcoming evaluation.
Beneficiary ownership
Additionally, Mr Essel said the issue of beneficiary ownership was high on the agenda of the Financial Action Task Force (FATF).
He said FATF recommendations 24 and 25 entreat countries to take measures to prevent the misuse of legal persons and legal arrangements for money laundering or terrorist financing.
“There should be adequate, accurate and timely information on the beneficial ownership, control of legal persons, including information on the settler, trustee and beneficiaries that can be obtained or accessed in a timely fashion by competent authorities”, he said
Mr Essel said accountable institutions were also to lift the veil off legal entities to establish the identity of the beneficiary owner by taking reasonable measures to obtain and hold up-to-date information on the beneficiary owner.
He stated that investment and brokerage firms usually maintained security accounts as nominees or trustees, and added that, “This to a large extent facilitates the concealment of the identities of the true beneficiaries thus exposing the security industry to the vulnerability of money laundering.”
About TTL Capital
The Managing Director of TTL Capital, Mrs Efua Filson-Fynn, said the aim of the company was to create wealth for its clients.
That , she said, would be done by expertly identifying and advising on the optimum return investment opportunities which provided steady growth taking into account the investment risk constraints.
“TTL Capital is well known by the investing public for its innovative and flexible products and services and its commitment to serve excellence and integrity,” she said.
Additionally, she said the company’s products had been innovatively packaged to allow it to serve all category of individuals and institutions.
Mrs Filson-Fynn, therefore, called on the general public to make investment a priority and invest with the company for high returns.
GIABA is a West African Regional-styled body responsible for facilitating the adoption and implementation of international standards as regards the AML and CFT in West Africa.
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