Issues in Business Management and Economics
Vol.3 (6), pp. 87-99, June 2015
Available online at https://www.journalissues.org/IBME/
Article ID /BM/15/041/13 pages
Author(s) retain the copyright of this article. Author(s) agree that this article remain permanently open access under the terms of the Creative Commons Attribution License 4.0 International License.
Original Research Article
Mapping the laws on anti-money laundering and combating financing terrorism to determine appraisal skills of accountable institutions
Ishmael D. Norman1&2,Blandina M. Awiah2, and Fred N. Binka3
1School of Public Health, (Hohoe campus) University of Health and Allied Sciences P. M. B. 31, Ho, Volta Region, Ghana.
2Institute for Security, Disaster and Emergency Studies Sandpiper Place, NYD 54/55 Nyanyano District, Suit # 1 Langma, Central Region, Ghana.
3University of Health and Allied Sciences P. M. B. 31, Ho, Volta Region, Ghana.
*Corresponding Author Email: ishmael_norman(at)yahoo.com
In this paper evidence is offered to show that the national legislation on Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) are too many, and therefore difficult to operationalize. An assessment was carried out to determine if the practitioners and the personnel of the “Accountable Institutions” could appraise AML and CFT events to be able to identify when such activities are initiated by their customers. The mapping of national legislation on AML and CFT was carried out. A comparison of the national legislative framework on AML/CFT against that of the international legal framework on AML and CFT was done to identify similarities between them. Literature review was carried out to assess the control mechanisms against money laundering and financing of terrorism in other jurisdictions. The result shows that the legal framework for AML and CFT is expansive, needs concerted effort on the part of all the stakeholders to intercept activities under AML and CFT. Perhaps, those without legal skills and prior knowledge about the legislation that are implicated in AML and CFT would not be able to appraise situations involving AML or CFT activities. Recommendations are made to inform policy and empower the first responders.
Key words: Anti-Money laundering legislation, concealment of financial offences,conversion of tainted money or property