EU Blacklists Ghana, Three Other Countries Over Money Laundering

The European Union has added 12 countries to its money-laundering blacklist, putting their financial transactions under greater scrutiny.

They include Botswana, Ghana, Mauritius and Zimbabwe.

Others are Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia and Myanmar.

Once approved by the European parliament the list will come into force in October.

In spite of the various measures put in place by the Authorities and the Bank of Ghana (BoG), the incidence of money laundering continues to rise in the country.

The Bank of Ghana (BoG) released the National Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFT&P) policy – (2019-2022), as part of the central bank’s plan to curb the menace in the country.

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The numerous sanctions spelt out by the Central Bank has not deterred persons from Money Laundering, as the country becomes the newest addition to EU’s blacklist.

Valdis Dombrovskis, the commission's vice-president said, the EU needed to put an end to dirty money infiltrating its financial system.

Of the 22 blacklisted countries, only North Korea has refused to commit to trying to tackle the problem.

SOURCE: BBC