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
Hand washing must be aggressively promoted
Trade facilitation expert urges dialogue on G-CAP
Gender and Land Rights Seminar for Paramount Queen Mothers underway
South Africa's Business Events Celebrates 20 Years Of Success
Afigya-Kwabre steps up education development effort
Veep inspects Kasoa, Krokrobite by-pass
EPA holds validation workshop on land use
Papaye Fast Food adds Minipack to its menu
Fatima Beyina-Moussa named President of the African Airlines Association (AFRAA)
"Ashanti Suites" Concert - Saturday 29th November 2014
»  More latest news
 Popular News Items
Ghanaian appointed member of UN Peace Panel
Achimota School scores 100% in WASCCE 2014
Finance Minister Presents 2015 Budget
Economy to rake in GHc 986m revenues
Gov't Approves Takeover of GNGC - Finance Minister
Revise Petroleum and Marine Pollution Bills - CSOs
Gambling revenues moderate in Africa amidst faltering economic climate: PwC report
Stanbic launches fee-free overdraft for salary workers
Sunyani NGO trains operators on water disinfection
Vodafone Customers enjoy amazing discounts on British Airways Flight

Copyright © BusinessGhana. All Rights Reserved.

Legal