Ghana Gov’t told to take action on money laundering

John Hardy, an International criminal law expert has called on Ghanaian government to implement the anti-money laundering law as soon as possible.

“Implementation of the Anti Money Laundering legislation must be the government’s topmost agenda which must not be influenced by any partisan basis,” he stressed, speaking on the topic ‘Protecting Ghana and Ghana’s Emerging Financial Offshore Centre Status from Money Laundering’ in Accra.

Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source.

He urged government to ensure that the implementation of the law is transparent, strict and well monitored to measure performance.

At least US$1 trillion is laundered annually using increasingly sophisticated
methods of moving funds across borders.

In January, the Organisation for Economic Co-operation and Development (OECD) openly warned Ghana against going ahead with its planned status as a tax haven. Ghana however went ahead to become an off-shore destination by mid 2007.

“In recent years, especially since the events of September 11, 2001, worldwide efforts to combat money laundering and the financing of terrorism have assumed heightened importance.

Both are global problems that not only threaten security, but also compromise the stability, transparency, and efficiency of financial systems, thus undermining economic prosperity,” John Hardy said.

At the lecture series organised in conjunction with the Law Faculty, University of Ghana, the Justice & Human Rights Institute and Danquah Institute, he said government must do everything to discourage money laundering because the consequences put the country’s image on the line.

“The loss of investor confidence that follows from revelations of large scale involvement in such activities can sharply diminish opportunities for growth. Once a country’s reputation is tarnished, it takes years to repair,” he cautioned.

The lectures are opportune in light of stated efforts by the new government to tackle corruption.

The Commission of Human Rights & Administrative Justice is holding its first public hearing on a case involving international corruption this month.