We must avoid return to grey list — Deputy Governor

The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has said that the country must close outstanding gaps in its anti-money laundering and counter-terrorist financing framework to avoid a return to the Financial Action Task Force (FATF) grey list, which could raise the risk and cost of doing international business for Ghanaian financial institutions.” It sought to strengthen inter-agency collaboration, improve information sharing and enhance coordinated efforts to prevent, detect and combat financial crime in Ghana.

She explained that a poor assessment could affect correspondent banking relationships as international financial institutions could reassess their exposure to Ghana, potentially making cross-border payments and other international transactions more costly and subject to greater scrutiny.