Home  |  Login  |  FAQ  |  Advertise  |  Services  |  Recommend  |  FeedBack  |  Contact Us  
Home
News

 Other Sections
ACN Ghana 2008
Sports
Finance
Business Directory
Online Forms
Real Estate
Classifieds
Auto
Jobs
Events
Downloads
World Cup 2010
Travel
About Ghana
Our Services
News Headlines »
 More »
Parliament adopts LI on Anti-Money Laundering
News Date: 25th March 2011


Parliament on Thursday 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 Mr Kwame Osei-Prempeh, Chairman of the Committee on Subsidiary Legislation, 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 to prevent criminals and terrorists from operating in the country.

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

He noted that the legislation also provided 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 were expected to be forwarded to the security agencies for appropriate actions to combat crime as well as maintained 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 body to speed up its anti-money laundering agenda.

This must be done within three months after coming into force of the LI according to the report.


Source: GNA


 More »
 Search News
 
 Advanced Search

ADVERTISEMENT
  Latest News Headlines
GEPA develops professional services directory
Budget doesn't solve water and electricity crises
Government will not renege on its promises
Tigo donates ambulance to help reduce maternal and child mortality in Afife
Chamber of Mines says no member-company is operating illegally
Soil Fertility Decline in Sub-Saharan Africa Prompts Climate Adaptation Project
CWSA orders the demolition of illegal structure
Quality education is critical - Ablakwah
Enforcing sanitation by-laws will prevent cholera - Serikin
Ghana losing productivity through mental illnesses
»  More latest news
 Popular News Items
Ghanaian appointed member of UN Peace Panel
Databank Brokerage Limited acts as Sponsoring Broker for inaugural listing on the Ghana Alternative
Government urged to make annual budget statement comprehensible
FAO official favours gender parity in production
Micro businesses unhappy with Dansoman ECG over load shedding exercise
Achimota School scores 100% in WASCCE 2014
Finance Minister Presents 2015 Budget
Economy to rake in GHc 986m revenues
CDD urges citizens to participate in local governance
London expo to open doors for Ghanaian products

Copyright © BusinessGhana. All Rights Reserved.

Legal