Ghana Makes Giant Strides In Efforts To Combat Money Laundering

Dr. Abdullahi Shehu (L) with Deputy Finance Minister Ato Forson

Source: Modernghana.com

The Chief Executive Officer of Ghana's Financial Intelligence Centre (FIC), Mr. Samuel Thompson Essel, has revealed that Ghana has made enormous strides in efforts to stop the activities of money launderers who have tried to disguise the origin of illegal funds into Ghana.

According to him, through intelligence operations of his outfit, it was able to track down 700 cases of money laundering where 300 had been transferred to the security agencies for deep probing and further investigations as well as prosecutions.

This effort by the FIC, he said, recovered US$2.8million in the process for the state.

He said the FIC was also working hard to intensify awareness creation on the deleterious effects of money laundering across all institutions that seem to be vulnerable to the activities of these criminals.

Mr. Samuel Thompson Essel was speaking at a media briefing in Accra organized as part of activities of the 19th Technical Commission/Plenary meeting of the Inter-Governmental Action Group Against Money Laundering In West Africa (GIABA) and GIABA's Ministerial Committee (GMC) underway in Accra from 7th -11th May, 2013 at Accra International Conference Center.

'This feat has been chalked because there has been total political commitment from the government of Ghana and we are also liaising with our partners within the banking sector to monitor all kinds of suspicious transactions through our various banks,' the FIC CEO maintained.

He further indicated that the FIC used 6-months to redeem Ghana's image when the country was blacklisted by the Financial Action Taskforce as one of the countries that had done little to fight the menace of money laundering.

On his part, the Director-General of GIABA, Dr. Abdullahi Shehu, said the GIABA Plenary meetings are platforms for member States to share experiences and discuss relevant issues that require a concerted, collective and harmonized approach in the implementation of robust anti-money laundering/countering the financing of terrorism (AML/CFT) measures in the region.

'At the May Plenary, the draft Mutual Evaluation Report (MER) of the Republic of São Tomé and Principe (STP) will be discussed with a view to its adoption. The adoption of the MER of STP will bring to a close the GIABA first round of mutual evaluations of its 16 member States (15 ECOWAS countries + STP) which commenced in 2006.

Also, the Follow-up Reports of nine member States based on the Secretariat analyses will be discussed with emphasis on the extent of implementation of the recommendations in their MER,' Dr. Shehu pointed out.

He also disclosed that the 19th Plenary Meeting of the Technical Commission will review the recommendations made by the Working Group on Mutual Evaluation and Implementation (WGMEI) that will discuss the follow-up reports of Benin, Liberia, Nigeria, Senegal and Togo that are on the expedited regular follow-up process and those of Cape Verde, The Gambia, Guinea-Bissau and Sierra Leone, which are placed on the enhanced follow-up program.

In a remark, Ghana's Deputy Minister of Finance, Hon. Casiel Ato Forson, commended GIABA for the good efforts so far in the fight against money laundering and also assured GIABA of government's full readiness, commitment and support.

In line with the GIABA Mutual Evaluation Processes and Procedures, the follow-up process is designed to assist member States to step up measures to address the identified deficiencies contained in their MERs.

It also ensures that effective AML/CFT measures are put in place in compliance with acceptable international standards.

Other key items on the Agenda of the Plenary include, the consideration of GIABA's 2012 Monitoring and Evaluation Report, the review of country summary reports and the typology project on terrorism and financing of terrorism in West Africa, round-table with development partners as well as issues and proposals emanating from the 18th Plenary Meeting of GIABA's Technical Commission. In line with tradition, the Director General of GIABA, Dr Abdullahi Shehu, will present his half-yearly Progress Report.

The opening ceremony of the 19th Plenary scheduled for Thursday, May 9, 2013 at 9.00am is expected to be attended by representatives of Ghanaian authorities; GIABA's line Ministers, development partners, representatives of member States and other stakeholders.

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will hold the 12th meeting of the GIABA Ministerial Committee (GMC) on Saturday 11 May 2013 at the La Palm Royal Beach Hotel in Accra Ghana.

The GIABA Ministerial Committee (GMC) comprises the Ministers responsible for Finance; Justice and Security / Interior of each of its 15 member States. The Committee is the principal decision-making organ of GIABA and provides policy direction for the execution of GIABA mandate

At its 12th meeting, the GMC which is charged with the responsibility of approving GIABA's progress reports, will consider the following: the Summary of the Director General's Mid-Year Report, the reports of the 18th and 19thTechnical Commission/Plenary Meetings, and adoption of the Mutual Evaluation Report (MER) of Sao Tome & Principe. Also the ministers will listen to a presentation on the implementation of the United Nations Security Council Resolutions (UNSCRs) in the West African region..

The Opening Ceremony of the GMC meeting is expected to be honoured with the presence of His Excellency, John Dramani Mahama, the President of the Republic of Ghana.

The President is expected to deliver the opening address, unveil the GIABA 2012 Annual Report and formally declare open the meeting.

Also to address the meeting are Mr. Vladimir Nechaev, Vice President of the Financial Action Task Force (FATF) and General Yakubu Gowon, Nigeria's Former Head of State and founding father of ECOWAS.