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Parliament passes Anti-Money Laundering Bill into law

Ghana’s Parliament has passed the Anti-Money Laundering Bill aimed at enhancing the country’s finance sector into law.

The newly-passed law would see to it that laundering money into the country will be close to impossible if not difficult.

Speaking to the media, Chairman of Parliament’s Finance Committee Dr Mark Assibey Yeboah said: “What we have done today strengthens the existing law and will ensure Ghana is taken off the green list. We will see a stronger law next year”

Ghana will no longer bear immense transitionary cost and scrutiny, he noted.

According to him, the law will also “check terrorism and the proliferation of weapons for mass destruction.”

Dr Mark Assibey disclosed that the Anti-Money Laundering Bill before its passing by Parliament was evaluated by the intergovernmental action group against money laundering, GIABA.

“They came to Ghana and they scored us zero out of sixteen (16). The law that has been passed addressed all those recommendations. And so we worked hand-in-hand with our international partners.”

Also, he explained that the law empowers the Financial Intelligence Centre (FIC) in conjunction with the National Intelligence Bureau.

Dr Mark Assibey has called on the European Union to take note of the country’s initiative and ensure that Ghana is taken off its green list.

“So having passed this bill, I think when the President signs this, we will be taken off the green list,” he said.

The Anti Money Laundering Bill was presented to Parliament in August, 2020.