The United Kingdom has ranked Ghana among the top 10 high-risk countries for money laundering and terrorist financing, securing the number 8 position in 2021 regulations.
Leading the pack of the top 10 high-risk countries is Albania, followed by Barbados and Botswana.
The risk of money laundering and terrorist financing is measured by using several indicators, such as rule of law, and financial regulations.
According to the UK, these nations pose a threat because of the weak tax controls and lack of check and balance on terrorism financing and money laundering.
Below is the full list of the UK’s High Risk countries for Money Laundering and Terrorist Financing that came into force on March 26, 2021:
- Albania
- Barbados
- Botswana
- Burkina Faso
- Cambodia
- Cayman Islands
- Democratic People’s Republic of Korea
- Ghana
- Iran
- Jamaica
- Mauritius
- Morocco
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Senegal
- Syria
- Uganda
- Yemen
- Zimbabwe.
The UK government's ‘Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021’ came into effect as part of actions in a post-Brexit Britain where the country had to determine its 'high-risk' nations.
Earlier the list was determined by the European Union (EU) under the 4th Anti-Money Laundering Directive.
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The UK now has its own list after the definition of a high-risk third country identified in a new Schedule 3ZA, which came into force on March 26, with Pakistan featuring in it.
Last year, Ghana’s risk index score of money laundering and terrorist financing in Ghana stood at 4.89, below the score from the previous year (5.29).
Also, in 2020 Ghana ranked 85 out of 141 countries.
