BoG unveils new framework to combat money laundering and terrorism financing

The Bank of Ghana (BoG) has launched a new National Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing Policy for 2025–2029, aimed at strengthening the country’s financial system and maintaining investor confidence.

The policy introduces a coordinated, risk-based approach to combating illicit financial activities and is informed by the findings of the 2024 National Risk Assessment, sectoral risk reviews on virtual assets, and Ghana’s most recent mutual evaluation outcomes.

Under the framework, the central bank will intensify oversight of banks and other financial institutions, tighten compliance requirements, and enhance the use of financial intelligence to detect and prevent money laundering, terrorism financing, and proliferation financing.

The policy also broadens regulatory focus to high-risk sectors, including virtual asset service providers, real estate, gaming, precious metals trading, and non-profit organisations, which have been identified as particularly vulnerable to abuse.

The Bank of Ghana noted that the initiative will build on recent financial sector reforms and help maintain the country’s credibility following its exit from the Financial Action Task Force (FATF) grey list.

Authorities emphasised that effective implementation of the policy will reinforce financial stability, safeguard the integrity of the banking system, and support long-term economic growth.