In Ghana, the Anti-Money Laundering Act, 2020 (Act 1044) outlines stringent penalties for offenses related to money laundering and the financing of terrorism. Individuals found guilty may face fines ranging from 100% to 500% of the laundered amount, imprisonment between 12 months and 10 years, or both. Corporate entities can be fined not less than 300% of the laundered amount. Additionally, the Act mandates the confiscation of assets acquired through such illicit activities .
Beyond criminal penalties, regulatory bodies like the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) impose administrative sanctions on accountable institutions. These can include fines ranging from 1,000 to 100,000 penalty units for entities, and 500 to 20,000 penalty units for individuals such as Managing Directors or Anti-Money Laundering Reporting Officers (AMLROs). Persistent non-compliance may lead to severe consequences like license suspension or revocation, public censure, or blacklisting of responsible officers .
To ensure compliance and mitigate risks, it’s crucial for institutions to establish robust AML/CFT frameworks, conduct regular training, and maintain effective internal controls.
