i) Key Legal and Regulatory Requirements in Ghana Related to Anti-Money Laundering (AML)

Ghana has established several laws and regulations to combat money laundering, including:

1. Anti-Money Laundering Act, 2008 (Act 749) and its Amendments (Act 874 and Act 1044)

   • Provides the legal framework for AML compliance, defining money laundering offenses and the obligations of reporting entities.

2. AML Regulations 2011 (L.I. 1987)

   • Prescribes detailed compliance requirements, including reporting obligations and due diligence procedures.

3. Anti-Terrorism Act, 2008 (Act 762)

   • Criminalizes terrorism financing and requires financial institutions to report suspicious transactions linked to terrorism.

4. Economic and Organised Crime Office (EOCO) Act, 2010 (Act 804)

   • Establishes EOCO as a law enforcement body responsible for investigating financial crimes, including money laundering.

5. Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

   • Requires financial institutions to implement strong AML measures, including customer due diligence and transaction monitoring.

6. Companies Act, 2019 (Act 992)

   • Mandates transparency in business ownership to prevent companies from being used for illicit financial activities.

Regulatory Bodies Overseeing AML Compliance:

• Financial Intelligence Centre (FIC): Monitors, receives, and analyzes suspicious transaction reports (STRs).
• Bank of Ghana (BoG): Ensures financial institutions implement AML controls.
• EOCO: Investigates and prosecutes financial crimes.
• Securities and Exchange Commission (SEC): Oversees capital market operators’ compliance with AML requirements.
• Registrar General’s Department: Ensures transparency in business registration and ownership.

ii) Obligations of Professional Firms Regarding Money Laundering

Professional firms, including auditors, accountants, and legal practitioners, have specific obligations to detect and report money laundering activities:

1. Establish Internal AML Controls

   • Firms must implement systems, policies, and procedures to prevent money laundering within their operations.

2. Appoint a Money Laundering Reporting Officer (MLRO)

   • A designated officer should oversee AML compliance and report suspicious activities to the Financial Intelligence Centre (FIC).

3. Customer Due Diligence (CDD) & Know Your Client (KYC)

   • Firms must verify the identity of clients and assess the legitimacy of financial transactions.
   • Enhanced due diligence (EDD) is required for high-risk clients, such as politically exposed persons (PEPs).

4. Record-Keeping Requirements

   • Maintain transaction records for at least five years for regulatory review.

5. Reporting Suspicious Transactions (STRs)

   • Any transactions suspected to involve money laundering must be reported to the FIC without informing the client (tipping off is illegal).

6. Compliance Training for Staff

   • Firms should provide AML training to employees to recognize, prevent, and report suspicious activities.

7. Conducting Risk-Based Assessments

   • Periodic assessments should be conducted to identify and mitigate money laundering risks associated with clients and transactions.