National Security Council launches action plan to combat money laundering, others

Ghana has successfully launched a National Risk Assessment (NRA) action plan that seeks to combat money laundering and counter the financing of terrorist activities in the sub-region.

The initiative prescribes best ways to promote and judiciously allocate resources for the prevention, investigation and prosecution of money laundering and terrorist financing offences in the country.

The project was launched by the National Security Council (NSC) and the Financial Intelligence Centre, with support from the World Bank and the International Monetary Fund (IMF), in Accra yesterday.

Expected outcomes 

The Chief Executive Officer of the Financial Intelligence Centre, Mr Samuel Thompson Essel, said the project was timely and would go a long way to boost national security.

“It is expected that with the launch of this action plan, sectors that need support the most would be identified and prioritised in resource allocation to help with the fight against money laundering and financing of terrorist activities,” he said.

Recounting how the project started, Mr Essel explained that after deliberations with the World Bank and the IMF three years ago on how to deal with money laundering, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) directed member states to develop national risk assessment plans.

“In a swift response to this directive, Ghana initiated the process of conducting anti-money laundering and counter financing of terrorism (AML/CFT) risk assessment for the country,” he said.

Concerted efforts

In her address, a Deputy Minister of Finance, Mrs Mona Quartey, called on governments in the sub-region to work in a collaborative manner in order to combat money laundering.

“There is the need for concerted efforts from governments and stakeholders to be able to counter the activities of money laundering and those who continuously finance terrorist activities,” she stressed.

She indicated that such collaboration was very necessary because the activities of people who engaged in money laundering severely affected the economies of nations.

Mrs Quartey also advised financial institutions operating in the country to always abide by the law.

Mrs Quartey stressed the Government of Ghana’s commitment towards dealing with issues of terrorism and money laundering, and said it would do its best to bring them under control.