{"id":306982,"date":"2017-04-01T12:03:27","date_gmt":"2017-04-01T12:03:27","guid":{"rendered":"http:\/\/citifmonline.com\/?p=306982"},"modified":"2017-04-01T12:03:27","modified_gmt":"2017-04-01T12:03:27","slug":"bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/","title":{"rendered":"BoG to publish sanctions for defaulters of anti-money laundering acts"},"content":{"rendered":"<p>The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts.<\/p>\n<p>This it believes will level the fight against\u00a0money laundering\u00a0in the financial institutions.<\/p>\n<p>The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial crimes in the country.<\/p>\n<p>It followed recommendations upon the completion of a National Risk Assessment report by the Law Enforcement Coordinating Bureau (LECOB).<\/p>\n<p>\u201cThe application of Act 749 was to expand the scope of actions that can be taken under the act and to provide for relative matters. The Anti money laundering act of 2014 included the proliferation of weapons of mass destruction in its definition of unlawful activities and the new predicate offence that is tax offence.\u201d Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah explained.<\/p>\n<p>He further explained that \u201cThe act expanded the customer due diligence framework which is the bedrock of sound anti money laundering regimes.\u201d<\/p>\n<p>Dr. Asiamah maintained that \u00a0going ahead to publish sanctions will reduce the many risks associated with the financial institutions.<\/p>\n<p>\u201cThe act also gives the mandate to supervisory authorities to apply administrative sanctions and the bank of Ghana will soon publish its sanctions for non compliance with provisions of the anti money laundering act.\u201d he stated.<\/p>\n<p><strong>About Money Laundering Act 2011<\/strong><\/p>\n<p>Ghana is determined to maintain a sound financial system and to join global efforts to minimize the scourge of\u00a0<strong>Money Laundering<\/strong>\u00a0and Terrorist Financing.<\/p>\n<p>Per the Guideline which is issued consistent with the Banking\u00a0<strong>Act<\/strong>, 2004 (<strong>Act<\/strong>\u00a0673), as amended, and the\u00a0<strong>Anti<\/strong>&#8211;<strong>Money Laundering Act<\/strong>, 2008 (<strong>Act<\/strong>\u00a0749), every financial institution shall adopt policies indicating its commitment to comply with AML\/CFT obligations under the relevant Acts and regulations to prevent any transaction that facilitates ML\/TF activities.<\/p>\n<p>Also, every financial institution shall formulate and implement internal rules procedures and other controls that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under the relevant laws and regulations are always met.<\/p>\n<p>&#8211;<\/p>\n<p>By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts. This it believes will level the fight against\u00a0money laundering\u00a0in the financial institutions. The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts. This it believes will level the fight against\u00a0money laundering\u00a0in the financial institutions. The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-01T12:03:27+00:00\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/\",\"url\":\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/\",\"name\":\"BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2017-04-01T12:03:27+00:00\",\"dateModified\":\"2017-04-01T12:03:27+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BoG to publish sanctions for defaulters of anti-money laundering acts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/","og_locale":"en_US","og_type":"article","og_title":"BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always","og_description":"The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts. This it believes will level the fight against\u00a0money laundering\u00a0in the financial institutions. The Financial Intelligence Centre (FIC) earlier pushed for the amendment of legislations on money laundering and financial [&hellip;]","og_url":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2017-04-01T12:03:27+00:00","author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/","url":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/","name":"BoG to publish sanctions for defaulters of anti-money laundering acts - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2017-04-01T12:03:27+00:00","dateModified":"2017-04-01T12:03:27+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2017\/04\/bog-to-publish-sanctions-for-defaulters-of-anti-money-laundering-acts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"BoG to publish sanctions for defaulters of anti-money laundering acts"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/306982"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=306982"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/306982\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=306982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=306982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=306982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}