A comprehensive analysis of Ghana's real estate sector by Global Financial Integrity (GFI) has exposed significant vulnerabilities to money laundering, with a minimum of 48,833,127 dollars laundered through the sector.
The report, which examined 16 cases involving 24 properties and 510 acres of land, identified corporate structures, corruption, theft, and drug trafficking as common predicate crimes associated with Real Estate Money Laundering (REML) in Ghana.
The study found that 87.5 percent of the cases analysed involved residential properties in the Greater Accra Region, with a lack of specific regulation for Virtual Assets and Virtual Asset Service Providers (VAs/VASPs) contributing to the sector's vulnerability.
Other key findings include: Reliance on Designated Non-Financial Businesses and Professions (DNFBPs) Suspicious Transaction Reports (STRs) has yielded limited impact, with only 2 STRs reported from 2016-2019.