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New anti-money laundering law awaits President s assent

New anti-money laundering law awaits President’s assent President, Nana Akufo-Addo will soon assent into law the Anti-money Laundering Bill, 2020 following its passage last week Thursday by Parliament. The law is expected to curb illicit financial inflows, deal with various financial malfeasance as well as enabling Ghana to comply with international best practices once it is fully operational next year. In effect, people with unexplained wealth, be it in a form of cash, properties among others shall be able to explain the source of their wealth, else they will be charged with money laundering. An effective money laundering regime is also expected to boost business activities. Indeed, various financial institutions attach great importance to reputation because of brand reputation

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