Government has put in place measures to ensure Ghana does not return on the money laundering list of the Financial Action Task Force, Finance Minister, Ken Ofori-Atta, has said.

Last week, the Financial Action Task Force removed Ghana from its “Grey List” of countries with weak money laundering policies.

According to Ken Ofori Atta, the government is working to strengthen the institutions to prevent a black list.

“The commitment from the Finance Ministry, Ghana Revenue Authority and the Bank of Ghana to give the appropriate resources to Financial International Center so that it becomes a best class organization is in process. So the strengthening of the FIC, awareness by the public and institutions so that self-regulation and declaration of penalty will be the way to go here,” he noted.

Mr. Ofori-Atta also expressed optimism that Ghana being taken off the Financial Action Task Force money laundering list will further propel investors to the country.

“The international community has renewed its confidence in Ghana's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime. This is great relief for the country, considering the economic consequences suffered by the country while on the list”.

“This will boost confidence in the integrity of our financial environment and also boost foreign direct investment”, he stated.

Ghana set to be removed from EU list of money laundering

Ghana could possibly be removed from European Unions’ list of countries with deficiencies in anti-money laundering laws after August this year.

According to an email from the EU responding to enquires by Joy Business, the “grouping” noted that there are still some processes that needs to be completed before Ghana can be taken off its list, adding, “now that Financial Action Task Force (FATF) has remove Ghana from its list, there are no more requirements from the EU side.”

The EU added that it could take about two months for the process to be completed.