Address by K. B. Amissah-Arthur, Governor of The Bank of Ghana at the Launch of the Guidelines on AML/CFT For Banks and Non-Bank Financial Institutions, January 4, 2012.

It is a great pleasure to welcome you to the launch of guidelines on Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) for our Banks and Non-Bank Financial Institutions. This document has been jointly prepared by the Bank of Ghana and the Financial Intelligence Centre.

This event follows on the launch of AML/CFT guidelines for capital market operators by the Securities and Exchange Commission on 20th December 2011.

We look forward to being followed by our colleagues in the Insurance sector. That launch will complete the cycle of providing a rigorous framework for minimizing, if not eliminating altogether, the misuse of the financial system for illegal activities.

Mr. Chairman, the banking and financial system plays a key role in the mobilization and deployment of resources for the development of the economy. It is partly because of this that in the last decade or so attention has focused on building inclusive financial systems that ensure increasing access to financial services.

With growing financial intermediation and access, there has also been an escalation in the abuse of the financial system by criminal elements. This has led to increased attempts by Governments, Monetary Authorities and International Agencies to combat money laundering and terrorist financing (AML/CFT).

We are taking a number of initiatives to insulate our banking and financial systems from the menace of money laundering. Since the passage of the Anti-Money Laundering Act in 2008, a number of initiatives have been pursued to meet international standards with respect to AML/CFT. These include:

• The development of a National Strategy and Action Plan

• The creation of an Anti-Money Laundering unit in the Bank of Ghana

• The Bank has also sponsored the establishment of the FIC by seconding personnel, providing office accommodation and vehicles.

In spite of these initiatives Ghana still lags behind other countries and attracts negative rating from global and regional agencies responsible for setting standards in AML/CFT issues.

Mr. Chairman, the issues to be addressed in order to comply with international standards are many, some of whose resolution lie beyond the regulatory authorities.

I acknowledge at this launch the presence of Cabinet Ministers, Parliamentarians and agencies involved in the fight against financial crimes. I wish to state that the Bank of Ghana is committed to co-operating with other agencies to remove the remaining obstacles that limit the fight against financial crimes and the abuse of our banking system. Particularly important is banks’ compliance with customer due diligence requirements consistent with recommendation of the Financial Action Task Force (FATF).

It is in this regard that the Bank, in collaboration with the Financial Intelligence Centre, has prepared this Guideline for the banking and non-bank Financial Institutions. The Guide aims at achieving three key objectives:

• providing clear guidance to Bank and non-Bank Financial Institutions to the laws relating to combating money laundering and terrorism financing;

• complying with international norms such as FATF’s 40 + 9 recommendations and the Basel Core Principles with respect to anti-money laundering and terrorism financing; and

• Providing assurance to the international community about our resolve to fight the menace.

Mr. Chairman, this Guideline has benefited from inputs from the banking industry. That notwithstanding, the Bank of Ghana  intends to mount intensive educational campaigns to ensure that all banks and non-bank financial institutions understand its contents and apply them rigorously in their work.

We expect banks and non-bank financial institutions to continuously train their staff on these issues. Needless to say, our supervisors will be asked to review banks’ AML/CFT policies and practices regularly to ensure compliance with the prescriptions of this Guideline.

It is my hope that our counterpart regulators and other Government agencies involved in the fight against money laundering and terrorist financing will play their roles to ensure that Ghana not only meets international standards but also rids its banking and financial system of negative practices, such as the collusion of staff in perpetrating fraud and the failure of banks to comply with law, regulation and advice.

For the banking system, this should be a commitment to a new beginning, just as this first working week brings New Year freshness.

Mr. Chairman, Ladies and Gentlemen, thank you for your kind attention.

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