VZCZCXYZ0798
RR RUEHWEB

DE RUEHAR #1331/01 3501602
ZNR UUUUU ZZH
R 161602Z DEC 09
FM AMEMBASSY ACCRA
TO RUEHC/SECSTATE WASHDC 8671
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUEAWJB/DEPT OF JUSTICE WASHDC

UNCLAS ACCRA 001331 
 
SIPDIS 
 
STATE FOR INL, SCT, EEB, AF/W 
TREASURY FOR FINCEN 
JUSTICE FOR AFMLS, OIA, OPDAT 
 
E.O. 12958: N/A 
TAGS: KCRM EFIN KTFN PTER SNAR GH
SUBJECT: ACCRA SUBMISSION FOR 2009-1010 INCSR PART II (AML, 
FINANCIAL CRIMES) 
 
REF: STATE 114960 
 
¶1.  SUMMARY. Post submits Q&A replies below in response to reftel. 
Post also submitted same content by email.  Post POC is Philip 
Cummings, Economic Section Chief, cummingspm@state.gov. END 
SUMMARY. 
 
¶2.  Q: Describe the anti-money laundering/counter-terrorist 
financing (AML/CTF) plans, programs and timetables adopted by the 
country. 
A: Currently, there is no plan, program or timetable for 
implementation of AML/CFT.  Although the CEO of the GOG Financial 
Intelligence Center (FIC) was identified and he is working on 
putting a work plan in place, it is rumored that the former director 
of the Serious Fraud Office (SFO) would replace him as CEO.  Budget 
for the operation of the FIC has also been presented to the Bank of 
Ghana. Potential FIC members were identified by Post and received 
training by the FDIC in Washington, D.C. 
 
¶3.  Q: Discuss the adequacy of the legal and law enforcement 
measures taken to combat money laundering and terrorist financing. 
A: In 2008, Ghana passed the AML law and the Anti-Terrorism law. 
Ghana has not ratified the Palermo Convention.  Legislations to 
implement these laws have not been passed.  To complement these 
laws, the Immigration Act and Extradition Act of 1960 are being 
reviewed and a new bill, the Economic Crime and Organized Crime 
Bill, is before Parliament. 
 
¶4.  Q: Identify the accomplishments achieved in accord with those 
plans, including in particular whether the host country has 
successfully prosecuted money laundering and/or terrorist financing 
cases (if so, please provide the number of convictions in 2009 and 
details of noteworthy cases). If necessary, please provide 
additional information on these points and please convert any 
foreign currency figures into U.S. dollars. 
A: A court in 2009 acquitted and discharged a flight attendant and 
two accomplices charged for laundering $97,144 in 2008.  There was 
no case of money laundering and terrorist financing in 2009. 
 
¶5.  Q: Please also provide the names/numbers of relevant laws and 
regulations related to AML/CTF. We expect that numerous governments 
have made significant changes in legislation and implementing 
regulations to establish or strengthen their anti-money laundering 
regimes, including counter-terrorist financing components, 
subsequent to the submission of earlier responses to questionnaires 
developed by the United Nations or the Financial Action Task Force 
(FATF).  We request that you report on such changes made in 2009. 
A: No changes were made in 2009 to the following laws, which provide 
the legal framework for the prevention of money laundering and 
terrorist financing in Ghana: 
Anti-Money Laundering Act 2008 (Act 749) 
Anti- Money Laundering Regulations L.I. 1925 
Anti-Terrorism Act 2008 (Act 762) 
Narcotics Drugs (Control, Enforcement and Sanctions) Law PNDCL 236 
(1990) 
Insurance Act 2006 (Act 724) 
Bank of Ghana Act 2000 (Act 673) 
Banking Act 2004 (Act 673) 
Banking (Amendment) Act 2007 (Act 738) 
Securities Industry Act 1993 (PNDCL 333) 
Non-Bank Financial Institution Act 2008 (Act 774) 
Foreign Exchange Act 2006 (Act 723) 
Note: Ghana has not ratified the Palermo Convention 
 
¶6.  Q: Please identify any problems that are considered deterrents 
to more effective host government responses (e.g., absence of laws, 
lack of political will, resource constraints, corruption, 
inefficient financial systems, opposition by the financial system or 
other groups, malfunctioning of the judicial system to prosecute 
AML/CTF cases, lack of training for effective AML/CTF law 
enforcement, etc.). 
A: The major deterrent is resource constraints and AML 
implementation has not been prioritized under the new government 
compared to other demands on government expenditures. 
 
----------------- 
GENERAL QUESTIONS 
----------------- 
¶7.  Q: Is the country (or territory or dependency) considered an 
important regional financial center (such as Hong Kong, Singapore, 
Panama, Switzerland, Luxembourg, etc.)? 
A: No, but as it develops, its financial sector is becoming 
important regionally.  The extent to which financial institutions 
engage in currency transactions involving proceeds of crime is not 
known. 
 
¶8.  Q: What is its significance in terms of money laundering? 
 
A: The risk of money laundering is prevalent in Ghana. 
 
¶9.  Q: To the extent it is known, is money laundering/terrorist 
financing primarily related to proceeds from illegal narcotics, 
psychotropic substances, and chemical precursors? (If applicable, 
specify drug.) 
A: Significant financing of money laundering is from illegal 
narcotics (mainly cocaine and heroin) proceeds. 
 
¶10.  Q: If not, what is/are the major source/s of the proceeds? 
Also, to the extent known, do the criminal proceeds laundered in the 
jurisdiction derive primarily from domestic or foreign criminal 
activity? 
A: Criminal proceeds derive from both foreign and domestic 
activity. 
 
¶11.  Q: Are the money laundering proceeds controlled by 
drug-trafficking organizations, organized crime, or terrorist groups 
operating locally? 
A: Proceeds are controlled by drug-traffickers. 
 
¶12.  Q: What is the extent that public corruption contributes to 
money laundering/terrorist financing in the host country? If 
applicable, please provide examples. 
A: Public corruption is a major source of money laundering in Ghana. 
 This occurs mainly through public procurements and the award of 
licenses. 
 
¶13.  Q: Is there a significant black market for smuggled goods in 
the country?  If so, is there evidence to suggest that it is 
significantly funded by narcotic proceeds or other illicit proceeds? 
Does contraband smuggling generate funds that are laundered through 
the financial system? 
A: Yes, to avoid taxes and regulatory permits, traders smuggle goods 
from neighboring countries.  There is no evidence that smuggled 
goods are funded by illicit funds. 
 
¶14.  Q: Does money laundering/terrorist financing occur in the 
banking system, within an offshore financial center or free trade 
zone, or in the non-bank financial system (e.g. exchange houses) or 
via alternative remittance systems, such as hawala, hundi, or other 
systems? Please note if the country is experiencing an increase or 
decrease in financial crimes, not limited to money laundering or 
terrorist financing. 
A: It could be happening in the banking system, foreign exchange 
bureaus and the stock exchange.  Incidence of internet fraud (known 
locally as Sakawa) is on the rise.  Individual reports of fraud from 
internet and email scams have increased modestly this year.  Reports 
of fraud against U.S. companies have doubled in the past year. 
 
¶15.  Q: To the post's knowledge, do the jurisdiction's financial 
institutions engage in currency transactions involving international 
narcotics trafficking proceeds that include significant amounts of 
U.S. currency or currency derived from illegal drug sales in the 
United States or that otherwise significantly affect the United 
States? 
A: A significant amount of heroin has been seized in Ghana.  Law 
enforcement acknowledges cash must be coming into Ghana to pay for 
the large quantities of heroin but they have not been able to 
discover how and where that money is entering.  Western Union is 
known to be used in currency transactions involving international 
narcotics proceeds. 
 
¶16.  Q: Is there any indication that trade-based money laundering 
occurs in Ghana? 
A: Yes, it is sometimes used to repatriate "profit" and also for 
payment of lower customs duties and other taxes. 
 
-------------------------- 
OFFSHORE FINANCIAL CENTERS 
-------------------------- 
¶17.  Q: Is the country considered an offshore financial center? (An 
offshore financial center is a financial center where attractive 
financial and corporate services are provided normally, but not 
necessarily exclusively, to non-residents. Services may include 
favorable tax treatment, freedom from exchange controls, or absent 
and/or relaxed rules on disclosing any information regarding the 
beneficial owner of legal entities such as trusts or international 
business companies). 
A: Yes - In September 2007, the first Offshore Banking facility was 
set up in Ghana by Barclays Bank, following amendments to the 
Banking Act six months earlier.  Government was expected thereafter 
to take further steps to strengthen and refine regulatory provisions 
through a Financial Services Bill.  The bill lapsed in the last 
parliament and has to be re-introduced in Parliament by the 
executive. 
 
¶18.  Q: Are offshore banks, international business companies, or 
other forms of exempt or shell companies or trusts permitted?  If 
so: how do offshore regulations differ from onshore?  Does the 
country license offshore banks and businesses? Does the country 
adequately perform background checks on applicants for banking and 
business licenses in its offshore sector?  Is a physical presence 
required, or does the Ghana allow shell banks and /or companies? 
A: Currently only offshore banks are licensed.  There is no express 
prohibition against operating shell banks.  Physical presence is 
required. 
 
¶19.  Q: Please provide: the numbers of offshore banks; trusts; 
offshore international business companies, exempt companies, or 
shell companies; and any other offshore financial services 
businesses, such as insurance companies, mutual fund companies, 
trust companies and agents. 
A: Only one (1) - Barclays Bank. 
 
¶20.  Q: Are nominee (anonymous) directors and/or trustees allowed? 
A: No, all directors and/or trustees are vetted. 
 
¶21.  Q: Please provide the number of offshore casinos or internet 
gaming sites. Does the Ghana license and regulate these sites? 
A: None. 
 
¶22.  Q: Is there a separate regulatory agency for the offshore 
sector, or is the offshore financial center regulated by the onshore 
regulator? 
A: Currently, the only legislated offshore financial service is 
banking.  This service is regulated by the Bank of Ghana, the 
onshore regulator. 
 
¶23.  Q: Are regulations governing offshore banks and businesses 
different in any key respects from regulations governing domestic 
banks and businesses?  If so, how?  (For example, are offshore 
financial institutions required to perform customer due diligence 
and file suspicious activity reports?)  If not, what businesses and 
services are inadequately supervised and regulated? 
A: Regulations governing domestic and offshore are not different in 
most aspects.  They are both required to perform customer due 
diligence and file suspicious activity reports. 
 
---------------- 
FREE TRADE ZONES 
---------------- 
¶24.  Q: Are there free trade zones operating in Ghana? 
A: Ghana has designated four free trade zone areas, but the Tema 
Export Processing Zone is currently the only active free trade zone. 
 Ghana also licenses factories outside the free zone area as free 
zone companies.  They are regulated and monitored by the Ghana Free 
Zones Board.  The free trade zones are under resourced and not seen 
asperforming the intended function of increasing investment in the 
manufacturing base. 
 
¶25.  Q: If so, please give the number and name, and briefly describe 
their operations, capability and function. 
A: See this link: http://www.gfzb.com.gh/summaryprofile3.aspx for 
the profile and list of companies. 
 
¶26.  Q: Is there any indication that these free trade zones are 
being used in trade-based money laundering schemes or by the 
financiers of terrorism? 
A: No, but there is the risk of being used in trade-based money 
laundering because of the lax monitoring by the regulatory 
authority. 
 
¶27.  Q: What type of supervisory programs and/or due diligence 
procedures are in place to monitor activities in the free zone?  Are 
there identification requirements for companies and individuals who 
use the zone? 
A: Most of the supervisory programs are mainly geared towards 
reduction in tax evasion. 
 
--------------------------------------------- -- 
MONEY LAUNDERING AND THE FINANCING OF TERRORISM 
--------------------------------------------- -- 
¶28.  Q: What laws and regulations exist in relation to AML/CTF? 
A: AML/CTF laws and regulations: 
Anti-Money Laundering Act 2008 (Act 749) 
Anti- Money Laundering Regulations L.I. 1925 
Anti-Terrorism Act 2008 (Act 762) 
Narcotics Drugs (Control, Enforcement and Sanctions) Law PNDCL 236 
(1990) 
Insurance Act 2006 (Act 724) 
Bank of Ghana Act 2000 (Act 673) 
Banking Act 2004 (Act 673) 
Banking (Amendment) Act 2007 (Act 738) 
 
Securities Industry Act 1993 (PNDCL 333) 
Non-Bank Financial Institution Act 2008 (Act 774) 
Foreign Exchange Act 2006 (Act 723) 
 
¶29.  Q: Is money laundering a criminal offense in this country? 
A: Yes, money laundering is a criminal offense in Ghana. (ref 
Anti-Money Laundering Act 2008 (Act 749)) 
 
¶30.  Q: Does the law apply only to drug-related money laundering? 
Does the country list specific crimes as predicate offences or take 
an "all serious crimes" approach? (Note: in some countries, 
anti-money laundering laws cover "all serious crimes" which are 
defined as crimes that carry a threshold minimum sentence in the 
country's penal code.) If the country lists specific crimes, what 
offenses are covered?  If there is a threshold minimum, what is that 
threshold? 
A: It takes "all serious crimes" approach.  The minimum sentence 
threshold for violation of the AML is 1 year and the maximum is 10 
years.  The Narcotics Drugs (Control, Enforcement and Sanctions) Law 
PNDCL 236 (1990) also criminalizes drug-related money laundering. 
 
¶31.  Q: Has the country enacted secrecy laws that prevent disclosure 
of client and ownership information by domestic and offshore 
financial services companies to bank supervisors and law enforcement 
authorities? 
A: There are bank secrecy clauses in the Banking Act, but they do 
not prevent bank supervising authorities and FIC from accessing 
information directly from the financial services companies. 
 
---------------- 
FINANCIAL SECTOR 
---------------- 
¶32.  Q: Are bearer shares permitted for banks and/or for companies? 
A: No, bearer shares are not permitted for banks.  However, it could 
be permitted under current business registration (incorporation) 
laws in Ghana. 
 
¶33.  Q: Which entity supervises and examines financial institutions 
for compliance with AML/CTF laws and regulations? 
A: Financial Intelligence Center (FIC) - yet to be set up, despite 
passing the AML law in 2008. 
 
¶34.  Q: What is their capacity to conduct compliance investigations 
(i.e. are they adequately staffed and trained?) 
A: Currently, the following institutions are ensuring some 
compliance: 
Bank of Ghana (Central Bank)--for both bank and nonbank financial 
institutions 
Narcotics Control Board 
Securities and Exchange Commission 
National Insurance Commission 
Games Commission 
These entities lack resources to adequately staff and train to 
extend their supervision to most of nonbank financial institutions. 
 
¶35.  Q: Are banks and other financial institutions required to know, 
record, and report the identity of customers engaging in significant 
transactions, including the recording of large currency transactions 
at thresholds appropriate to the country's economic situation? 
A: The Bank of Ghana has issued the "General Guide to Account 
Opening and Customer Identification" to all banks which they largely 
follow in the opening of accounts.  However, other financial 
institutions such as insurance and securities do not do customer due 
diligence.  The banks are required to report large transactions on 
weekly basis to the Bank of Ghana. 
 
¶36.  Q: What is the statutory threshold? 
A: There is no statutory threshold, but the Bank of Ghana is using 
USD 10,000 as a customary threshold. 
 
¶37.  Q: Are banks and other financial institutions required to 
maintain for an adequate time records necessary to reconstruct 
significant transactions through financial institutions in order to 
be able to respond quickly to information requests from appropriate 
government authorities in narcotics-related or other money 
laundering or terrorist finance cases?  For how long? 
A: Yes.  Sections of the AML law and the Banking law make adequate 
provisions for reconstruction of records and record keeping, for at 
least six (6) years in the case of the AML law. 
 
¶38.  Q: Do financial institutions report suspicious transactions? 
Which ones? 
A: Yes.  All financial institutions currently report to the Bank of 
Ghana. 
 
¶39.  Q: Is such reporting mandatory or voluntary? 
A: Suspicious transactions reporting is mandatory. 
 
 
¶40.  Q: Is reporting required for all suspicious transactions, or is 
there a threshold amount below which suspicious transaction reports 
are not required? 
A: No threshold amount is set yet. 
 
¶41.  Q: Are NBFIs and DNFBPs required to report such transactions? 
If so, which NBFIs are subject to this requirement? Which have 
reported? 
A: Yes.  All NBFIs and DNFBPs are required to report are suspicious 
transactions under the AML law.  NBFIs and DNFBPs appear to be 
unaware of their obligations to report suspicious transactions, 
mainly because the FIC is not established yet. 
 
¶42.  Q: Are reporting individuals (bankers and others) protected by 
law with respect to their cooperation with law enforcement 
entities? 
A: Yes. 
 
--------------------------------------------- --------- 
INFORMAL FINANCIAL SECTOR AND NONFINANCIAL BUSINESSES AND 
PROFESSIONS 
--------------------------------------------- --------- 
¶43.  Q: Are the AML/CTF controls applied to non-bank financial 
institutions (NBFIs) and designated non-financial businesses and 
professions (DNFBPs), such as exchange houses, stock brokerages, 
cash couriers, casinos, dealers in jewels and precious metals, 
insurance companies, pawn shops, realtors, high-worth dealers in art 
and vehicles, and to intermediaries, such as lawyers, accountants, 
or broker/dealers?  Which entity supervises such entities for 
compliance? 
A: Yes, the FIC - yet to be set up. 
 
--------------------------------------------- ---- 
FINANCIAL INTELLIGENCE UNIT (FIU)/INVESTIGATIONS 
--------------------------------------------- ---- 
¶44.  Q: Do current laws provide for the establishment and funding of 
a financial intelligence unit (FIU)? 
A: Yes, however, the Financial Intelligence Center, Ghana's FIU, is 
in the process of being set up.  A CEO has been identified and the 
budget for the FIC has been presented tothe Bank of Ghana.  The AML 
law states funding shall include monies approved by Parliament of 
Ghana, donations and grants and monies approved by the Minister of 
Finance. 
 
¶45.  Q: Has the country established and adequately staffed a FIU? 
Where in the government is it housed; e.g., within a finance or 
national police ministry, or as an independent agency? 
A: The establishment of the FIC is still underway.  The official who 
was originally identified indicated that he was planning to recruit 
15 people, mainly from the central bank (Bank of Ghana) and the FIC 
would initially be housed in the Bank of Ghana.  The identified CEO 
has indicated he will lobby to move the FIC into its own building in 
order to attain some autonomy.  These plans may change if a new 
person is identified as is rumored.  Six potential FIC members, 
included the CEO, were identified and sent to Washington D.C. for 
relevant training provided by the FDIC. 
 
¶46.  Q: Describe the authorities and functions of the FIU. Is it an 
administrative body that performs analytical duties? 
A: The FIU will receive and analyze financial information, 
suspicious transaction reporting and intelligence, and disseminate 
an information package to law enforcement authorities for 
investigation. 
 
¶47.  Q: Does it also have criminal investigative and/or regulatory 
responsibilities? 
A: It will not have criminal investigative responsibilities, but 
some regulatory powers. 
 
¶48.  Q: Does the FIU have access to the records or databases of 
other government entities or financial institutions? Does it have 
formal mechanisms in place to share information domestically (with 
law enforcement/prosecutors) or with other FIUs? 
A: Not yet operational, however, the identified CEO has reported he 
was referred his first case which he assigned to investigation.  The 
case was provided to the Bank of Ghana from another bank concerned 
about irregularities. 
 
¶49.  Q: How many suspicious transaction reports (STRs) were received 
in 2009?  How many were the subject of investigation or resulted in 
referrals to law enforcement for investigation? 
A: The number of suspicious transaction reports for FY 2009 is not 
known.  Although the FIC has not officially stood up, the identified 
CEO for FIC has indicated he has referred his first suspicious 
transaction case for investigation and prosecution. 
 
¶50.  Q: Which government bodies are responsible for investigating 
financial crimes, including money laundering and terrorist 
financing?  Are they adequately staffed and trained? 
A: Government of Ghana entities: 
Ghana Police Service 
Commission for Human Rights and Administrative Justice (the national 
ombudsman) - mainly investigating public corruption 
National Security Council (which includes the Bureau of National 
Investigations and the Research Department) 
Customs, Excise and Preventive Service (CEPS) 
Internal Revenue Service 
Serious Fraud Office 
Levels of staffing and training are unknown at this time. 
 
¶51.  Q: Have there been arrests, prosecutions, and convictions 51r 
money laundering or terrorist financing since January 1, 2009? How 
many?  Please report highlights of any major cases not previously 
reported. 
A: None. 
 
¶52.  Q: The seizure and forfeiture of assets (bank accounts other 
financial assets, airplanes, autos, residences, other property) 
derived from international drug trade, money laundering, terrorist 
financing or other serious crimes can be important elements in 
efforts to control drug trafficking, money laundering, terrorist 
financing and organized crime activity.  Has the country enacted 
laws and established systems for identifying, tracing, freezing, 
seizing, and forfeiting narcotics-related assets as well as assets 
derived from, or intended for, terrorist financing  and other 
serious crimes? 
A: Yes, forfeiture currently applies to only drug-related offences. 
 
¶53.  Q: If so, please describe the authority (regulatory or 
judicial). 
A: Narcotics Drugs (Control, Enforcement and Sanctions) Law PNDCL 
236 (1990).  The AML has provisions for freezing assets but the FIC, 
not yet established, will be the agency to implement. 
 
¶54.  Q: Are new legislation or changes in current laws, regulations, 
judicial or administrative authorities being considered? 
A: Yes.  The Economic and Organized Crime bill was presented to 
Parliament in May 2009.  The Anti-Money Laundering Act 2008 (Act 
749) - does not provide for confiscation measures, so the Economic 
and Organized Crime bill (was originally titled "Proceeds of Crime 
bill") is expected to complement the AML law and AT law. 
 
¶55.  Q: What are the obstacles or disincentives to enacting such 
laws, regulations, other authorities? 
A: None known at this time. 
 
¶56.  Q: What are the major provisions in current and/or proposed 
legislation?  For example, what assets can be seized? Do they 
include: instruments of crime such as conveyances used to transport 
narcotics, property on which illicit crops are grown or are used to 
support terrorist activity, or intangible property such as bank 
accounts? 
A: An Economic and Organized Crime Office would be established under 
the new bill and its functions would include investigation, 
prosecution and recovery of the proceeds from offenses related to 
money laundering, human trafficking, cyber offences, tax fraud and 
offenses that cause financial and economic loss to the country.  All 
property suspected to be proceeds of crime can be seized.  This 
includes currency, currency intended to be used in the commission of 
a serious crime, and tainted property (property used in the 
commission of a serious offense and those obtained from the crime). 
 
 
¶57.  Q: Can substitute assets be seized or must a relationship to 
the crime be proven? 
A: There is no explicit provision on substitute assets. 
 
¶58.  Q: Can legitimate businesses be seized if used to launder drug 
money, support terrorist activity, or are otherwise related to the 
criminal proceeds? 
A: Yes, legitimate businesses can be seized if used to commit 
serious crimes.  In the narcotics realm, a relationship to crime has 
not always been practiced.   Vehicles are seized that have no nexus 
to the crime or proceeds from crime. 
 
¶59.  Q: What government entities are responsible for tracing, 
seizing assets and freezing assets? 
A: Narcotics Control Board seizes for narcotics related offenses. 
Forfeiture must be processed through government lawyers in court. 
The Financial Intelligence Center, yet to be set up, has powers to 
freeze assets. 
The Economic and Organized Crime Office - if established will have 
the powers to trace, freeze and seize assets. 
 
 
¶60.  Q: Is there a period of time ascribed to the action of 
freezing, after which the assets are released? 
A: Narcotics-related seizures do not have a time prescribed for 
release but court action is required to finalize forfeiture.  Under 
the AML law the FIC CEO may freeze assets for 7 days before 
presenting the case to the court for confirmation of the freezing. 
No time period is specified once a court has confirmed the freezing. 
 Under the yet to be passed Economic and Organized Crime - maximum 
of 12 months. 
 
¶61.  Q: Are frozen assets confiscated?  If yes, by what government 
entity? 
A: Yes.  See Para 59. 
 
¶62.  Q: Is there an asset forfeiture fund? 
A: No 
 
¶63.  Q: What entity/s receive/s proceeds from asset seizures and 
forfeitures? 
A: Seizures are credited to the government account (consolidated 
fund) although law enforcement in Ghana want to make changes to the 
forfeiture law that would allow assets seized for drug related 
reasons be returned for use by law enforcement. 
 
¶64.  Q: Does the banking community cooperate with enforcement 
efforts to trace funds and seize/freeze bank accounts? 
A: Yes. 
 
¶65.  Q: Does the law allow for civil as well as criminal 
forfeiture? 
A: Only for criminal forfeiture. 
 
¶66.  Q: Does the government enforce existing asset seizure and 
forfeiture laws? 
A: Yes. 
 
¶67.  Q: Does the country have adequate police powers and resources 
to trace, seize and freeze assets?   If so, can the country freeze 
assets without undue delay? 
A: Assets can be frozen but police are under-resourced and not fully 
aware of seizure powers. 
 
¶68.  Q: Does the government have an independent national system and 
mechanism for freezing terrorist assets? 
A: If the assets were involved in money laundering, the FIC would be 
the independent mechanism to freeze the assets. 
 
¶69.  Q: What was the dollar amount of narcotics--related, 
terrorist-related and other criminal-related assets frozen, seized, 
and/or forfeited in the past year? How does this amount compare to 
amounts seized/forfeited/frozen in previous years? 
A: The exact dollar amount is unknown but the amount is significant. 
 Year to year comparison figures are not available. 
 
¶70.  Q: Has the country enacted laws for the sharing of seized 
assets with other governments? Is the government engaged in 
bilateral or multilateral negotiations with other governments to 
enhance asset tracing, freezing and seizure? 
A: No laws or negotiations exist for the sharing of seized assets. 
The GOG has conducted negotiations and concluded MOUs with both 
neighboring Togo and Cote D'Ivoire on narcotics-related matters. 
Content of the MOUs is not known at this time. 
 
------------------- 
TERRORIST FINANCING 
------------------- 
¶71.  Q: Has the Ghana criminalized the financing of terrorism as 
required by the UN International Convention for the Suppression of 
the Financing of Terrorism, UN Security Council Resolution 1373, and 
FATF Special Recommendation Number 9?  If so, please provide title 
of act, date of enactment, and pertinent details.  If the Ghana has 
an "all serious crimes" anti-money laundering law, please indicate 
if terrorism and terrorist financing are considered serious crimes. 
If the country has listed the predicate offenses for money 
laundering, please indicate if terrorism and terrorist financing are 
on the list. 
A: Yes.  Ghana has an "all serious crimes" anti-money laundering law 
and terrorist financing/terrorism are considered serious crimes. 
Section 1 (2) of the Anti-Money Laundering Act 2008 (Act 749, 
enacted on January 22, 2008) specifically mentions financing of a 
terrorist act as a serious offense. 
 
¶72.  Q: Has Ghana circulated to its financial institutions the list 
of individuals and entities that have been included on the UN 1267 
sanctions committee's consolidated list as being linked to Usama bin 
Ladin, members of the Al Qa'ida organization or the Taliban? Does 
 
the Ghana circulate the list of terrorist organizations/financiers 
that the USG or the EU have designated under relevant authorities? 
Did the Ghana identify, freeze, seize, and/or forfeit related assets 
in 2009?  If so, please provide dollar amount. 
A: Yes, the Bank of Ghana circulates the list of individuals.  None 
identified in 2009. 
 
¶73.  Q: Does Ghana acknowledge the existence and use of value 
transfer systems that bypass, in whole or part, the formal financial 
system? Describe the steps the Ghana has taken regarding regulating 
alternative remittance systems, such as hawala or hundi; the 
exploitation thereof, including black market exchanges; money 
remitters; trade-based money laundering; cross-border cash 
smuggling; or the misuse of gold, precious metals, gems, and 
stones? 
A: There are alternative remittance systems, especially through the 
use of foreign exchange bureaus and through the use of individual 
traders.  There is no laid down mechanism to monitor. 
 
¶74.  Q: Discuss the efforts the Ghana has taken to thwart the misuse 
of charitable and or non-profit entities that can be used as 
conduits for the financing of terrorism. For example, is there a 
government entity that regulates or supervises the sector? If so, 
please name the entity.  Does it monitor the sector for potential 
terrorist financing abuse? How are overseas financial transactions 
monitored to prevent potential terrorist financing? 
A: There is currently no entity.  The FIC is expected to play that 
role. 
 
--------------------------------------------- --------- 
CROSS BORDER TRANSPORTATION OF CURRENCY AND NEGOTIABLE INSTRUMENTS 
--------------------------------------------- ---------- 
¶75.  Q: Are there statutory requirements for limiting or monitoring 
the cross-border transportation of currency and monetary 
instruments? If so, please describe cross-border currency reporting 
requirements for both inbound outbound currency, including those 
that apply to cash couriers, including the monetary threshold that 
would require a report to be filed. Are mandatory declaration forms 
used at border crossings? 
A: Yes; Ghana has a mandatory cross-border currency reporting 
requirement.  However, Ghanaian authorities have difficulty 
monitoring cross-border movement of currency.  Bank of Ghana issued 
a directive effective October 20, 2008, stating that the highest sum 
of money permitted to be carried by an individual arriving in the 
country is USD 10,000 or its equivalent.  However, the Bank of 
Ghana's instruction contains a number of options and circumstances 
that conflict with the stated USD 10,000 limit, and has reportedly 
resulted in some confusion regarding the allowable amount for 
cross-border transportation vis-`-vis bank transfer. 
 
¶76.  Q: Are cash declaration or smuggling reports entered into a 
database? Is such data shared between host government agencies, in 
particular with an existing FIU? 
A: There is no entry into a database.  The system is a paper system. 
 Customs at the border do not search or count cash that is listed on 
the declaration.  The declaration is handled on an "honor" system. 
 
------------------------- 
INTERNATIONAL COOPERATION 
------------------------- 
¶77.  Q: Has the country adopted laws or regulations that allow for 
the exchange of records with the United States on investigations and 
proceedings related to narcotics, all-source money laundering, 
terrorism and terrorist financing?  Has the Ghana reached agreement 
with the United States authorities on a mechanism for exchange of 
records in connection with such investigations and proceedings?  If 
not, is the country negotiating in good faith with the United States 
to establish such an exchange mechanism?  Does the Ghana have 
similar arrangements with other countries? 
A: No, however Ghana responds positively to requests made at the law 
enforcement level from USG to Ghana. 
 
¶78.  Q: Identify all treaties, agreements, or other mechanisms for 
information exchange that Ghana has entered into with the USG or 
other countries, including agreements between the FIU and its 
counterparts, and those with home country supervisors to facilitate 
the exchange of supervisory information regarding banks and trust 
companies operating in Ghana.  Describe the status of efforts to 
update such agreements or arrangements. 
A: FIC is not yet officially operational; therefore no agreements 
have been negotiated. 
 
¶79.  Q: Has the country cooperated, when requested, with appropriate 
USG law enforcement agencies and other governments investigating 
financial crimes related to narcotics, terrorism, terrorist 
financing and other crimes? If the country has cooperated on 
important cases with USG agencies, please describe. 
 
A: Cooperation at the law enforcement level between U.S. and Ghana 
is standard operating procedure.  Ghana has provided information to 
U.S. law enforcement on U.S. cases.  Ghana is seen as cooperative at 
the law enforcement level. 
 
¶80.  Q: Please detail any instances of refusals to cooperate with 
foreign governments, as well as any actions taken by the USG and any 
international organization to address such obstacles, including the 
imposition of sanctions or penalties. 
A: None. 
 
¶81.  Q: Is the country a party to the UN International Convention 
against Illicit Traffic in Narcotic Drugs and Psychotropic 
Substances (Vienna Convention)? 
A: Yes. 
 
¶82.  Q: UN Convention Against Transnational Organized Crime (Palermo 
Convention)? 
A: No. 
 
¶83.  Q: UN Convention Against Corruption? 
A: Yes. 
 
¶84.  Q: UN International Convention for the Suppression of the 
Financing of Terrorism or other applicable agreements and 
conventions? 
A: Yes. 
 
¶85.  Q: If the country ratified or acceded to these conventions in 
2009, please provide the date of ratification/accession. 
A: None in 2009. 
 
¶86.  Q: Does it adhere to relevant international money laundering 
standards, such as the recommendations of the FATF? If so, what 
steps is it taking to implement the standards? 
A: Yes - The GOG incorporated FAFF recommendations into AML law. 
 
¶87.  Q: Is it a member of any FATF-style regional body? If not, 
what, if any, steps is the country taking to become a member of a 
body or to implement AML/CTF measures? 
A: Yes - the Inter-Governmental Action Group Against Money 
Laundering and Terrorist Financing in West Africa (GIABA), a 
regional body modeled after the Financial Action Task Force (FATF). 
GIABA adopted mutual evaluation report on Ghana in November 2008. 
 
TEITELBAUM