Prime News Ghana

Digitization is key in fighting money laundering in Ghana-Analyst

By Justice Kofi Bimpeh

Managing Partner for Cyber Security Company Delta3 International, Del Aden has said increased digitization is key in fighting the occurrence of money laundering in Ghana.

According to him, Ghana needs to take bold steps in reducing the issue of money laundering in the country.

“It is time we intensify digitization in the country, by doing so, there will be a lower risk of money laundering activities taking place, and this will also give investors more confidence to do business in the country”.

“There must also be enforcement of all regulations surrounding money laundering not to forget giving strict punishment to those caught in the act,” he said in an interview with Citi FM.

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On February 13 this year, Ghana was added to a list of 23 countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

The list did not entail any type of sanctions, restrictions on trade relations or impediment to development aid; but however required banks and obliged entities to apply enhanced vigilance measures on transactions involving these countries.

Read also: Malaysian ex-deputy PM charged with money laundering 

A few weeks down the line the EU member states have however rejected the proposal by the EU Executive Commission to blacklist Ghana and the other 22 countries.

In line with this, some cybersecurity analysts are calling on government to ensure that there is strict adherence to cybersecurity and anti-money laundering regulations in the country. Ghana News