http://gbcghana.com/index.php?id=1.335390

Parliament has adopted a Legislative Instrument (LI) to regulate the Anti-Money Laundering Act 2008 (Act 749) enacted to track criminals and financiers of terrorist activities.

A report presented by the Chairman of the Committee on Subsidiary Legislation, Kwame Osei-Prempeh, stated that appropriate provisions were made in the instrument to augment the efforts of the security agencies in combating crime and corruption.

He said the application of the legal framework would help prevent criminals and terrorists from operating in the country.

Mr Osei-Prempeh said the proposed instrument provides ample measures to verify the identities of persons involved in money laundering and the detection of their proceeds for unlawful activities.

He noted that, the legislation also provides for reporting of suspicious and unusual transactions by accountable institutions.

Mr. Osei-Prempeh said intelligence report emanating from reports by the Financial Intelligence Centre (FIC) on money laundering activities is expected to be forwarded to the security agencies for appropriate action to combat crime as well as maintain peace and security necessary for growth and development.

He said the coming into force of the proposed LI would promote economic growth by protecting businesses and customers, adding that sound application of anti money laundering regime would significantly improve the confidence of both investors and customers to enhance industrial growth.

Mr. Osei-Prempeh indicated that the LI would improve Ghana’s international rating in the fight against money laundering of which Ghana was poorly rated by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in 2009.

He said the passage of the LI would enable Ghana to qualify to apply for membership of the EGMONT Group, the international anti-money laundering agenda.

The report says this must be done with three months after coming into force of the LI.