Foreign exchange bureaux in Ghana are facing increased regulatory scrutiny to strengthen their monitoring and surveillance systems.
The goal is to detect, prevent, and reduce the risks of money laundering, terrorism financing, and proliferation financing.
This was highlighted in a report by the Bank of Ghana titled "Anti-Money Laundering/Combating the Financing of Terrorism & the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines for Foreign Exchange Bureaux." The report released by the Bank of Ghana said that Foreign Exchange Bureaux are exposed to varying ML/TF&PF risks through unlawful activities with serious financial and reputational damages if they fail to manage these risks adequately.
The report said that indeed well-documented evidence indicates that ML/TF&PF pose major threats to international peace and security which could seriously undermine Ghana's development and financial stability.
