<<Print>>

Ghana can only clear its name from the group of blacklisted countries flouting money laundering recommendations if passes supporting laws to back the existing money laundering law. This is according to the Securities and Exchange Commission (SEC) which is one of the key financial agencies that has begun processes to check money laundering activities and terrorism financing. In February this year, an international money-laundering watchdog called the Financial Action Task Force blacklisted Ghana and five other countries for flouting global recommendations to fight the menace. Prior to the announcement, Ghana�s Financial Intelligence Centre had initiated processes to get all the key financial agencies to strictly abide by manuals on money laundering activities. Citi Business News checks however show little progress has been achieved and according to the Director General of SEC Adu Anane Antwi, Ghana is likely to remain with the blacklisted countries if supporting laws to back their efforts are not passed. �Ghana cleaning its name is not dependent on what regulators do, it is dependent on certain laws that have not yet been passed or amended. So that is outside the control of regulators,� he said He said until certain laws that involve how to confiscate assets of offenders are passed, Ghana will remain stigmatized with money laundering claims. Adu Anane Antwi however added training sessions have been organized to equip officials of SEC to detect any suspicious transactions.