Anti-Money Laundering Act, 2008
Act 749
ARRANGEMENT
OF SECTIONS
Section
Money
laundering
1. Money
laundering
2. Aiding
and abetting money laundering
activities
3. Penalty for money laundering
Financial Intelligence Centre
4. Establishment of Financial
Intelligence Centre
5.Objects
of the Centre
6.Functions of the Centre
7.Governing body of the Centre
8.Functions of the Board on policy
formulation
9.Tenure
of office of members
10.Meetings of the Board
11. Disclosure of interest
12. Committees of the Board
13. Allowances
Administrative and financial
matters
14. Appointment of Chief Executive
Officer
15 Functions of the Chief Executive
Officer
16, Appointment of Deputy Chief
Executive Officer
17. Appointment of other staff
18. Funds
of the Centre
19.
Accounts and audit
20. Annual
repor1 and other reports
Accountable institutions,
records and information
21.
Accountable institutions
22 Registration of accountable
institutions
23.
Accountable institutions to
keep records
24. Duration for keeping records
25. Unauthorised access to computer
system or application data
26. Unauthorised modification of
computer system
27 Duty
of operators of games of chance.
28.
Request for information
29.
Information held by supervisory
bodies and revenue agencies
30.
Suspicious transaction report
31.
Conducting transaction to avoid
giving rise to a reporting duty
32. Protection against civil or
criminal liability
33.
Conveyance of currency to or
from the Country
34.
Electronic transfer of currency
35.
Reporting procedures
36.
Continuation of transactions
37 .Intervention by the Centre
38 Monitoring orders
39.
Offences in relation to records
and information
Compliance
40. Formulation and implementation
of internal rules
41.Training and monitoring for
compliance
42. Referral of suspected offences
to investigating authorities and
other public bodies
43.Responsibility for the
supervision of accountable
institutions
44. Offences in relation to
compliance
Miscellaneous provisions
45. Extraditable offence
46.Trial
Court and proceedings
47.Freezing of transactions or
accounts
48.Oath
of secrecy
49
Co-operation by officers of
pubic agencies
50.Regulations
51.Interpretation
SCHEDULE
ACT OF THE
PARLIAMENT OF THE REPUBLIC OF
GHANA
ENTITLED
ANTI-MONEY
LAUNDERING ACT, 2008
AN ACT to
prohibit money laundering,
establish a Financial Intelligence
Centre and to provide for related
matters.
DATE OF
ASSENT: 22nd January, 2008.
ENACTED by
the President and Parliament:
Money
laundering
Money
laundering
1. (1) A person
commits an offence of money
laundering if the person knows or
ought to have known that property
is or fom1s part of the proceeds
or unlawful activity and the
person
(a)
converts, conceals, disguises or
transfers the property.
(b)
conceals or disguises the unlawful
origin of the properly. Or
(c)
acquires, uses or takes possession
of the property.
(2) For the
purpose of this Act, unlawful
activity means conduct which
constitutes a serious offence,
financing of a terrorist act or
contravening on of a la w which
occurs after the commencement of
this Act whether the conduct
occurs in this country or
elsewhere.
Aiding: and
abetting money laundering
activities
2. A person
commits an offence if the person
knows or ought to have known that
another person has obtained
proceeds from an unlawful activity
and enters into an agreement with
that other person or engages in a
transaction where
(a) the
retention or the control by or on
behalf of that other person of the
proceeds from unlawful activity is
facilitated, or
(b) the
proceeds from that unlawful
activity are used to make funds
available to acquire propel1y on
behalf of that other person,
Penalty for
money laundering
3. A person who
contravenes section l or 2 commits
an offence and is liable on
summary conviction to a fine of
not more than five thousand
penalty units or to a term of
imprisonment of not less than
twelve months and not more than
ten years or to both,
Financial
Intelligence Centre
Establishment of Financial
Intelligence Centre
4. (1) There is
established by this Act a body to
be known as the Financial
Intelligence Centre,
(2) The Centre
is a body corporate with perpetual
succession and a common seal and
may sue and be sued in its
corporate name.
(3) The Centre
may for the performance of its
functions acquire and hold movable
and immovable propel1y and may
enter into a contract or any other
transaction.
Objects of
the Centre
5. The objects
of the Centre are to
(a)
assist in the identification of
proceeds of unlawful activity and
the combat of money laundering
activities;
( b)
make information available to
investigating authorities. the
intelligence agencies and the
revenue agencies":, to facilitate
the administration and enforcement
of the laws of the Republic; and
(c)
exchange information with similar'
bodies in other countries as
regards money laundering
activities and similar offences.
Functions of
the Centre
6. To achieve
the objects, the Centre shall
(a) process,
analyse. disseminate and interpret
information disclosed to or obtain
by the centre in terms of this Act
(b)
retain the information in the
manner and for the period required
under this Act:
(c)
inform, advise and co-operate with
investigating authorities,
supervisory bodies, the revenue
agencies, the intelligence
agencies and foreign counterparts;
and
(d)
monitor and give guidance to
accountable instillations,
supervisory bodies and other
persons on the discharge of their
duties and in compliance with this
Act.
Governing
body of the Centre
7 The
governing body of the Centre is a
Board consisting of
(a) one
representative each from:
(i) the
Ministry of Finance not below the
rank of director,
(ii) the
Ministry responsible for National
Security not below the rank of
director,
(iii) ?'the
Bank of Ghana not below the rank
of director;
(b) one
senior police officer not below
the rank of Assistant Commissioner
nominated by the Minister for the
Interior;
(c) the
Chief Executive Officer,
(d) one
lawyer in private practice with at
least tell years experience
nominated by the Attorney-General
and Minister for Justice, on the
advice of the Ghana Bar
Association, and
(e) one
other person from the private
sector with accounting, banking
and finance experience nominated
by the Minister.
(2) The
President shall appoint the
chairperson and the other members
of the Board in accordance w;[h
ar1ic1e 70 of [he Constitution.
Functions of
the Board on policy formulation
8. The Board
shall formulate and ensure the
implementation of policies
necessary for the achievement of
the objects of the Centre.
Tenure of
office of members
9. (1) A member
of the Board other than the Chief
Executive Officer shall hole!
office for a period of four years
and is eligible for
re-appointment, but a member shall
not be appointed for more than two
terms.
(2) \\There a
member of the Board resigns, dies,
is removed from office or is for a
sufficient reason unable to act as
a member, the Minister shall
notify the President of the
vacancy and the President shall,
in accordance with article 70 of
the Constitution, appoint another
person to hold office for the
unexpired portion of the members
term of office.
(3) A member of
the Board other than the Chief
Executive Officer may at any time
resign from office in writing
addressee! to the President
through the Minister.
(4) A member
of the Board who is absent from
three consecutive meetings of the
Board without sufficient cause
ceases to be a member of the
Board.
(5) The
President, by a letter addressed
to a member
(a) may
revoke the appointment of that
member where there are sufficient
grounds for the revocation; and
(b)
shall revoke the appointment of a
member at the request of the
nominating body.
Meetings of
the Board
10. (1)
The Board shall meet at least once
every three months for the
despatch of business at the times
and in the places determined by
the chairperson.
(2) The
chairperson shall at the request
of not less than three of the
members of the Board convene an
extraordinary meeting of the'
Board at the place and time
determined by the chairperson.
(3) The quorum
at a meeting of the Board is
three.
(4) The
chairperson shall preside at
meetings of the Board and in the
absence of the chairperson, a
member of the Board elected by the
members from among their number
shall preside.
(5) Matters
before the Board shall be decided
by a majority of the members
present and voting and in the
event of equality of votes, the
person presiding shall have a
casting vote.
(6) The Board
may co-opt a person to attend a
Board meeting but that person
shall not vote on a matter for
decision at the meeting.
(7) The
proceedings of the Board shall not
be invalidated by reason of a
vacancy among the members or a
defect in the appointment or
qualification of a member.
(8) Subject to
this section, the Board may
detem1ine the procedure for its
meetings.
Disclosure
of interest
11. (1)
A member of the Board who has an
interest in a matter for
consideration by the Board shall
disclose in writing the nature of
that interest and is disqualified
from participating in the
deliberations of the Board in
respect of that matter.
(2) Where a
member contravenes sub section (1)
the chairperson shall notify the
Minister who shall inform the
President to revoke the
appointment of the member.
Committee of
the Board
12. (1) The
Board may constitute committees
consisting of members of the Board
or non-members or both, to perform
a function of the Board.
(2) A committee
of the Board may be chaired by a
member of the Board.
(3) Section 11
applies to a member of a committee
of the Board.
Allowances
13. Members of
the Board and members of a
committee of the Board shall be
paid allowances approved by the
Minister.
Administrative and financial
matters Appointment of Chief
Executive Officer
14. (1) The
President shall. in accordance
with article 195 of the
Constitution, appoint a Chief
Executive Officer for the Centre.
(2) The Chief
Executive Officer shall hold
office on the terms and conditions
specified in the letter of
appointment.
Functions of
the Chief Executive Officer
15. (1) The
Chief Executive Officer is
responsible for the day to day
administration of the Centre and
is answerable to the Board in the
performance of functions under
this Act.
(2) The Chief
Executive Officer may delegate a
function to the Deputy Chief
Executive Officer but the Chief
Executive Officer shall not be
relieved of the ultimate
responsibility for the performance
of the delegated function.
Appointment
of Deputy Chief Executive Officer
16. (1) The
President shall, in accordance
with article 195 of the
Constitution, appoint a Deputy
Chief Executive Officer for the
Centre.
(2) In the
absence of the Chief Executive
0lficer, the Deputy Chief
Executive Officer shall perform
the functions of the Chief
Executive Officer.
Appointment
of other staff
17. (I) The
President shall in accordance with
artic Ie 195 of the Constitution,
appoint other staff of the Centre
that are necessary for the proper
and effective performance of the
functions of the Centre,
(2) Other
public officers may be transferred
or seconded to the Centre or may
otherwise give assistance to the
Centre.
(3) The Centre
may engage the services of
consultants on the recommendation
or the Board.
(4) The Chief
Executive Deputy Chief Executive
and staff of the centre shall be
subject to sedulity screening.
Funds of'
the Centre
I8. The funds
of the Centre shall include
(a)
moneys approved by Parliament
(b) donations.
grants. and
(c) any
other moneys that are approved by
the Minister responsible for
Finance
Accounts and
audit
19. (1)
The Board shall keep books of
account and proper records in
relation to the Centre in the form
approved by the Auditor-General.
(2) The Board
shall, within three months after
the end of the financial year,
submit the accounts of the Centre
to the Auditor-General for audit.
(3) The
Auditor-General shall, not later
than three months, after the
receipt of the accounts, audit the
accounts and forward a copy of the
audit report to the Board.
(4) The
Internal Audit Agency Act, 2003
(Act 658) applies to this Act.
(S) The financial year of the
Centre is the same as the
financial year of the Government.
Annual
report and other reports
20. (1)
The Board shall, within one month
after the receipt of the audit
report, submit an annual report to
the Minister covering the
activities and operations of the
Centre for the year of which the
report relates.
(2) The annual
rep0l1 shall include the
Auditor-General's report.
(3) The
Minister shall, within one month
after the receipt of the annual
rep0l1, submit the report to
Parliament with a statement that
the Minister considers necessary.
(4) The Board
shall also submit to the Minister
any other report which the
Minister may require in writing.
Accountable
institutions, records and
information
Accountable
institutions
21. (1)
For the purposes of this Act
accountable institutions are as
set out in the First Schedule.
(2) The
Minister may by Legislative
Instrument amend the First
Schedule.
Register of
accountable institutions
22. (l)
Each supervisory body shall
furnish the Centre with a list of
accountable institutions which
are registered with it.
(2) The
Centre shall allocate to each
registered accountable institution
a number for identification
purposes.
(3) The
Centre shall maintain a register
of accountable institutions.
Accountable
institutions to keep records
23. (1) An
accountable institution that
establishes a business
relationship with a
person shall
keep records of
(a) the
identity of the person or the
agent of the person;
(b)
transaction made through the
accountable institution, and
(c) suspicious transactions
reports made to the Centre.
(2) For the
purposes of this Act records may
be kept on a computer system or an
electronic device capable of being
used to store information.
(3) This
section applies to each single
transaction with an accountable
institution.
Duration for
keeping records
24. (1) An
accountable institution shall keep
the records for
(a) not
less than six years after the date
on which a relationship is
terminated in case of a business
relationship, or
(b) not
less than six years after the date
a transaction is concluded.
(2) An
accountable institution may
appoint a person to keep records
on behalf of the accountable
institution.
(3) An
accountable institution that
appoints a per~ on to keep records
on its behalf shall inform the
Centre of the appointment in
wrighting.
(4) At the end
of the six year period, the
account .the institution shall
send the records to the Public
Records and Archives
Administration DepaI1ment.
Unauthorised
access to computer system or
application data
25. A person
shall not
(a)
access a computer system,
(b)
access application data held in a
computer system, or
(c)
cause a computer system
that belongs
to, or is under the control of the
Centre or an accountable
institution to perform or fail to
perform a function without the
consent of the Centre or the
accountable institution.
Unauthorised
modification of computer system
26. A person
shall not
(a)
modify,
(b)
erase, or
( c) destroy
the contents of
a computer system or application
data of a computer system that
belongs to the Centre or an
accountable institution without
the consent of the Centre or the
accountable institution.
Duty of
operators of games of chance
27. (1)
The Gaming Commissioner shall not
issue or renew a licence for the
operation of a game of chance
under the Gaming Act, 2006 (Act
721) unless the applicant for the
licence or renewal provides proof
of the lawful origin of the
capital for the intended operation
or in the case of a renewal, the
origin of its additional capital
to the Games Commissioner.
(2) A betting
or gaming operator shall
(a)
verify the identity of a person
who buys or exchanges chips or
tokens, by requesting the person
to present an authentic document
bearing the name and address of
the person;
(b) keep
records of gaming transactions in
chronological order in a register
indicating
(i) the nature
and amount of currency involved in
each transaction, and
(ii) the full
name and address of the person in
a register in a form authorised by
the Centre.
(3) The
register shall be preserved for at
least six years after the last
recorded transaction in the
register and after the six year
period, the register shall be sent
to the Public Records and Archives
Administration Department.
Request for
information
28. (1)
The Centre or an authorised
representative of the Centre may
request an accountable institution
to disclose whether
(a) a
person is or has been a client of
the accountable institution,
( b) a
person is acting or has acted on
behalf of a client of the
accountable institution, or
(c) a
client of the accountable
institution is acting or has acted
on behalf of another person
and the
accountable institution shall
comply.
(2) The Centre
may request further information
where the Centre is of the opinion
that the information given to the
Centre is not adequate.
Information
held by supervisory bodies and
revenue agencies
29. (1)
Where a supervisory body or a
revenue agency becomes aware or
believes that an accountable
institution, as a result of a
transaction concluded by or with
the accountable institution,
(a) has
received or is about to receive
the proceeds of unlawful activity,
or
( b)
has been used or may be used for
money laundering or a suspicious
transaction,
the supervisory
body or revenue agency shall
advise the Centre of the fact and
furnish the Centre with the
information and records in respect
of the knowledge or suspicion
which the Centre may reasonably
require.
(2) Where the
Centre believes that a supervisory
body or revenue agency may have
information indicating that an
accountable institution
(a) is
about to receive the proceeds of
unlawful activity as a result of a
transaction, or
(b) has
been used or may be used for money
laundering or for the purpose
of any
suspicious transaction,
the Centre may
request the supervisory body or
revenue agency to confirm or rebut
the belief and the supervisory
body or revenue agency shall
comply.
Suspicious
transaction report
30. (1)
A person who or an institution
which knows or suspects that
(a) a
business entity, an accountable
institution or a trust has
received or is about to receive
the proceeds of unlawful activity,
or
(b) a
transaction to which the business
entity is a part
(i) facilitated
or is likely to facilitate the
transfer of the proceeds of
unlawful activity,
(ii) has no
apparent business or lawful
purpose,
(iii) is
conducted to avoid or give rise to
a reporting duty under this Act,
(iv) may be
relevant to an investigation into
tax evasion or an attempt to evade
the payment of tax, duty or a levy
imposed by legislation, or
(v) has been
used or is about to engage in
money laundering, shall within
twenty four hours after the
knowledge or the ground for
suspicion of the transaction
submit a suspicious transaction
report to the Centre.
(2) Where a
person suspects a transaction to
be linked to or used for the
financing of a terrorist act as
defined by law, the person shall
make a report to the Centre within
twenty four hours of the
suspicion.
(3) A person
who makes a suspicious transaction
report shall not (a)
disclose the contents to another
person, or
(b)
reveal the personal details of the
officer of the Centre who receives
the report to another person.
(4) A person
who receives a suspicious
transaction report shall not
(a)
disclose the contents of the
report to a person not authorised
to know the contents of the
report, or
(b)
disclose the personal details of
the person who made the report to
another person.
(5) A person
who makes a suspicious transaction
report shall disclose the contents
where
(a) the
person is required by law to
disclose the contents,
(b) it
is to carry out the provisions of
this Act,
(c) it
is for legal proceedings, or
(d) it
is by an order of a Court.
Conducting
transaction to avoid giving rise
to a reporting duty
31. A
person shall not conduct two or
more transactions separately with
one or more than one accountable
institution so as to avoid the
duty to report a transaction or in
breach of the duty to disclose
information under this Act.
Protection
against civil or criminal
liability
32. A
person who makes a suspicious
transaction report under section
30 is not liable for the breach of
a restriction on disclosure of
information imposed by contract
or by any law if the person
reports the suspicion to the
Centre in good faith.
Conveyance
of currency to or from the country
33. (1)
A person who intends to convey
currency that exceeds the amount
prescribed by the Bank of Ghana to
or from this country shall declare
the particulars of the currency
and the amount to be conveyed to
the Bank of Ghana or its
authorised agent at the port of
entry or exit.
(2) A person
authorised to receive the
declaration shall immediately on
receipt of the declaration send a
copy to the Centre.
(3) The
declaration shall be made in
accordance with the Foreign
Exchange Act, 2007 (Act 723) and
Regulations made under that Act.
Electronic
transfer of currency
34.
Where an accountable institution
through electronic means and in
accordance with the Foreign
Exchange Act, 2007 (Act 723) and
Regulations made under that Act,
(a)
transfers currency outside the
country, or (b) receives
currency from outside the country
which exceeds
the amount prescribed by the Bank
of Ghana, the accountable
institution shall within
twenty-four hours after the
transfer or receipt of the
currency, report the particulars
of the transfer or receipt to the
Centre.
Reporting
procedures
35. (1)
A report to the Centre on the
conveyance of currency and the
electronic transfer of currency
by an accountable institution
shall be made in a manner
prescribed.
(2) The
Centre or an authorised officer,
may request an accountable
institution that has made a
report to furnish the Centre or
body with additional information
concerning the report.
Continuation
of transactions
36. (1)
An accountable institution
required to make a report to the
Centre may continue to carry out
the transaction in respect of
which the report is required to be
made but shall inform the Centre.
(2) The
Centre may within three days,
direct an accountable institution
or a person not to proceed with a
transaction on which a report has
been made.
Intervention
by the Centre
37.
Where the Centre after consulting
an accountable institution, or a
person required to make a report,
has reasonable grounds to suspect
that a transaction or proposed
transaction may involve the
proceeds of unlawful activity or
may constitute money laundering,
the Centre may direct the
accountable institution or person
to
(a)
make the necessary inquiries
concerning the transaction, or
(b)
inform and advise an investigating
authority,
where the
Centre considers it appropriate.
Monitoring
orders
38. (1)
A Court may, on written
application by the Centre, make a
monitoring order requesting an
accountable institution to make a
report to the Centre.
(2) The order
may request that transactions
conducted by a specified person
with an accountable institution
and transactions conducted in
respect of a specified account or
facility at the accountable
institution shall be reported if
there are reasonable grounds to
suspect that
(a) that
person has transferred or may
transfer the proceeds of unlawful
activity through the accountable
institution or is using or may use
the accountable institution for
money laundering, and
(b) the
account or other facility has
received or may receive the
proceeds of unlawful activity or
is being or may be used for money
laundering purposes.
(3) The order
lapses after three months except
that before the expiry of the
three months an application may be
made to the Court to extend the
order for a period of not more
than three months at a time if
(a) the
grounds on which the order is
based still exists, and
(b) the
Court is satisfied that the
interest of justice may best be
served by monitoring the person,
account or facility referred to in
subsection (1) and in the manner
provided for in this section.
(4) An
application under this section
shall be made by one party without
notice to the other.
Offences in
relation to records and
information
39. (1)
A person who without reasonable
excuse
(a)
fails to keep records, contrary to
section 23;
(b)
accesses a computer system,
application data held in a
computer system or causes a
computer system that belongs to or
is under the control of the Centre
or an accountable institution to
fail to perform contrary to
section 25;
(c)
modifies a computer system
contrary to section 26;
(d)
fails to comply with section 27
(2);
( e)
fails to or refuses to advise the
Centre or an authorised
representative of the Centre of a
client contrary to section 28;
(f)
fails to report a suspicious
transaction contrary to section
30;
(g)
fails to protect the identity of
the officer of the Centre who
receives the report contrary to
section 30;
(h)
fails to protect the identity of a
person who makes a suspicious
transaction report contrary to
section 30;
(i)
conducts transactions in a manner
to avoid a reporting duty contrary
to section 31;
(j)
fails to give notice of the
conveyance of currency within, to
or from the Republic contrary to
section 33;
(k)
fails to inform the Centre of the
electronic transfer of currency
contrary to section 34;
(I)
fails to furnish the Centre with
additional information contrary to
section 35;
(m)
fails to comply with a direction
of the Centre and proceeds with a
transaction contrary to section
37; or
(n)
fails to comply with a monitoring
order contrary to section 38,
commits an offence and is liable
on summary conviction to a fine of
not more than fi ve hundred
penalty units or to a term of
imprisonment of not more than
three years or to both.
(2) Where the
offence is committed by a company
or a body of persons the penalty
shall be a fine of not more than
one thousand penalty units, and
(a) in
the case of a body corporate,
other than a partnership, each
director or an officer of the body
is considered to have committed
the offence; and
(b) in
the case of a partnership, each
partner or officer of that body is
considered to have committed that
offence.
(3) A person
shall not be convicted of an
offence under subsection (2), if
the person proves that the offence
was committed without the person's
knowledge or connivance and that
the person exercised due care and
diligence to prevent the
commission of the offence having
regard to all the circumstances.
(4) The court
shall in addition to the penalty,
refer the matter to the Bank of
Ghana for administrative sanction
where the offence is committed by
a bank.
(5) A court
shall refer the conviction of an
accountable institution to the
supervisory body concerned for
administrative sanction
Compliance
Formulation
and implementation of internal
rules
40. (1)
An accountable institution shall
in consultation with the Centre
formulate and implement internal
rules concerning
(a) the
establishment and verification of
the identity of persons whom the
institution is required to
identify,
( b)
information of which records must
be kept,
(c) the
manner in which and the place at
which the records must be kept,
(d) the
steps to be taken to determine
when a transaction is reportable,
and (e) other matters that
an institution may determine.
(2) An
accountable institution shall make
its internal rules available to
its employees involved in dealing
with transactions to which this
Act applies.
(3) An
accountable institution shall, on
request, make a copy of its
internal rules available to
(a) the
Centre, and
( b) a
supervisory body which performs
regulatory or supervisory
functions over that accountable
institution.
(4) An
accountable institution shall
ensure that the foreign branches
and subsidiaries of the
accountable institution observe
the rules consistent with a
subsidiary company of the
accountable institution registered
in the Republic.
Training and
monitoring for compliance
41. An
accountable institution shall
(a)
train its employees on the
provisions of this Act and the
internal rules, and
(b)
appoint a compliance officer to
ensure observance
(i) of the
provisions of this Act and the
internal rules by the employees of
the accountable institution, and
(ii) of the
obligations under this Act by the
accountable institution.
Referral of
suspected offences to
investigating authorities and
other public bodies
42.
Where the Centre has reasonable
grounds to suspect that an
accountable institution or a
person other than a supervisory
body subject to the provisions of
this Act, has contravened or
failed to comply with a provision
of this Act or a rule
or guideline
applicable to the accountable
institution or person which
facilitates compliance with this
Act, the Centre shall refer the
matter to
(a) the
relevant investigating authority,
or
(b) an
appropriate supervisory body, a
public body or other authority
affected by the contravention or
non-compliance,
together with
recommendations considered
appropriate by the Centre.
Responsibility for the supervision
of accountable institutions
43. (1)
Where the Centre refers a matter
to a supervisory body, public body
or authority, the supervisory
body, public body or authority
shall investigate the matter and
may after consultation with the
Centre take steps to remedy the
matter.
(2) Where the
supervisory body, public body or
an authority fails to take steps
to remedy the matter, the Centre
may in consultation with the
supervisory Body, public body or
authority take steps to remedy the
matter.
Offences in
relation to compliance
44. An
accountable institution, which
fails to
(a)
formulate and implement internal
rules contrary to section 40, or
( b)
provide training or appoint a
compliance officer contrary to
section 41, commits an offence and
is liable on summary conviction to
a fine of not more than five
hundred penalty units.
Miscellaneous provisions
Extraditable
offence
45.
Money laundering and terrorist
financing are extraditable
offences under the Extradition
Act, 1960 (Act 22).
Trial court
and proceedings
46. (1)
The High Court and Circuit Court
have jurisdiction to try an
offence under this Act.
(2) In a trial
for an offence under this Act, the
accused person may be presumed to
have unlawfully obtained pecuniary
resources or property in the
absence of evidence to the
contrary if the accused person,
(a) is
in possession of pecuniary
resources or a property for which
the accused cannot account and
which is disproportionate to the
accused person's known sources of
income, or
(b) had
at the time of the alleged offence
obtained access to personal
pecuniary resources or property
for which the accused cannot
satisfactorily account.
Freezing
of transactions or accounts
47. (1)
The Centre shall not investigate
serious offences but where the
Chief Executive Officer is of the
opinion that it is necessary to
freeze a transaction or an account
to prevent money laundering, the
Chief Executive Officer may direct
the freezing of a transaction or
account of any accountable
institution.
(2) The Chief
Executive Officer shall apply to a
court within seven days after
freezing a transaction or account
for confirmation of the action
taken and the court may confirm
the freezing on conditions or
direct the de-freezing of the
transaction or account.
(3) Where a
transaction or account has been
frozen, the person affected shall
be notified by the Chief Executive
Officer within forty-eight hours
of the freezing of the transaction
or account and the person affected
may seek redress from court.
Oath of
secrecy
48. (1)
A person
(a)
appointed to an office,
(b)
appointed to act in an office, or
(c)
authorised to perform a function,
under this Act
shall swear the oath of secrecy
set out in the Second Schedule
before assuming office or before
performing the function under this
Act.
(2) A person
specified under subsection (1)
shall not disclose information
obtained by the
Centre under this Act from which a
person can be identified except
(a) to enable the Centre carry
out its functions,
(b) for
the prevention or detection of an
offence,
( c) in
connection with the discharge of
an obligation under an
international agreement,
(d) to
comply with a court order, or
(e) as
otherwise provided under any other
law.
(3) A person
who contravenes this section
commits an offence and is liable
on summary conviction to a fine of
not more than five hundred penalty
units or to a term of imprisonment
of not more than three years or to
both.
Co-operation
by officers of public agencies
49. (1)
An officer of a public agency
shall co-operate with officers of
the Centre in the performance of
the functions of the officers of
the Centre under this Act.
(2) A public
officer who refuses or fails
without reasonable cause to
cooperate with an authorised
officer of the Centre commits an
offence and is liable on summary
conviction to a fine of not more
than fifty penalty units or to a
term of imprisonment of not more
than three months or to both.
Regulations
50. (1)
The Minister, on the
recommendations of the Board,
shall by legislative instrument
make Regulations
(a) to
add to or vary the list of
accountable institutions;
(b) on
the records to be kept and
retained by financial institutions
and accountable institutions;
(c) on
the format of suspicious
transactions reports;
(d) for
the rules and directives for
accountable institutions to
identify clients for the purposes
of this Act;
( e) on
the form of reports and other
documentation required under this
Act; and
(f)
generally for the effective
implementation of this Act.
(2) Despite the
Statutory Instruments Act, 1959
(No. 52) as amended, the penalty
for contravention of Regulations
shall be a fine of not more than
two thousand five hundred penalty
units or a term of imprisonment of
not more than three years or to
both.
Interpretation
51. In
this Act unless the context
otherwise requires:
"account" means
a facility or an arrangement by
which a financial institution does
anyone or more of the following;
(a)
accepts deposits of currency,
(b)
allows withdrawals of currency or
transfers into or out of the
account,
(c) pays
cheques or payment orders drawn on
a financial institution or cash
dealer by, or collects cheques or
payment orders on behalf of, a
person,
(d)
supplies a facility or an
arrangement for a safe deposit
box; "accountant" means a person
registered under the Chartered
Accountants Act, 1963, (Act 176);
"accountable
institution" includes the
institutions set out in the First
Schedule;
"application
data" means a set of instructions
which causes a computer system to
perform a function when executed
on the computer; "auctioneer"
means a person registered under
the Auction Sales Act, 1989 (P.N.D.C.L.
230);
"authorised
officer" means a person authorised
by the Centre to perform a
function or discharge a duty on
behalf of the Centre;
"bank" has the
meaning given to it in the Banking
Act, 2004 (Act 673); "Board" means
the governing body of the
Financial Intelligence Centre;
"business entity" includes
(a) a
firm,
(b) an
individual licensed to carry out a
business,
(c) a
limited liability company, or
(d) a
partnership,
for the purpose
of providing a product or service
either for profit or non-profit;
"business
relationship" means an arrangement
between a person and an
accountable institution for the
purpose of concluding a
transaction; "Centre" means the
Financial Intelligence Centre
established under section 4;
"Chief Executive" means the Chief
Executive Officer appointed under
section 14;
"computer
system" includes an electronic,
magnetic, optical,
electrochemical or other data
processing device, the physical
components and any removable
storage medium that is connected,
to the device or a group of
inter-connected or related
devices, one or more of which is
capable of
(a)
containing data, or
(b)
performing a logical, arithmetic
or any other function in relation
to data;
"Court" means
the High Court or Circuit Court;
"currency" means
( a)
coins, money or notes of the
Republic or of another country
that is designated as legal tender
and that circulates as and is
customarily used and accepted as a
medium of exchange in the country
of issue,
(b)
'travellers' cheques or other
financial instruments denominated
in the currency of Ghana orin
foreign currency, and
(c) any
right to receive coins or notes in
respect of a credit or balance
with a financial institution or a
non-resident;
"data" means a
representation of
(a)
information,
(b)
knowledge,
(c)
facts, or
(d)
concepts
capable of
being processed in a computer
system;
"electronic
device" means anything or
apparatus that is used or capable
of being used to intercept a
function of a computer system;
"electronic
transaction" means a transaction
made through an electronic device;
"intelligence
agency" means the Internal or
External Intelligence Agency
established under the Security and
Intelligence Agencies Act, 1996
(Act 526);
"entity" means
a body corporate or
unincorporated, an association or
group of persons, a firm or a
partnership;
"financial
institution" means an entity that
undertakes financial
intermediation;
"financial
instrument" means a physical or
electronic document which embodies
or conveys monetary value~
"financial
intermediation" means a process of
transferring funds from one entity
to another entity;
"foreign
counterpart" means the authority
in another country that exercise
similar powers and
performs similar functions as
the Centre;
"game of
chance" includes a game other than
lotto in which participants risk,
in anticipation of winning award
on the result of the game which
depends on luck and which cannot
be determined before the end of
the game, pay money for the right
to participate in the game;
"internal
rules" means rules formulated by
an accountable institution to
enable the accountable institution
comply with the rep0l1ing
requirements of the Centre;
"investigating
authority" means a body that is
designated by legislation to
investigate unlawful activities;
"Minister"
means the Minister responsible for
Finance;
"non-bank
financial institution" means a
financial institution that
undertakes financial
intermediation outside the bank;
"non-governmental organisation"
means a civil organisation and
includes a community based
organisation, religious body and
association; "notary" means a
person appointed under the
Notaries Public Act, 1960 (Act
26);
"order" means a
monitoring order;
"prescribed"
means prescribed by Regulations
made under this Act; "proceeds"
means property derived from or
obtained, directly or indirectly
through the
commission of an offence;
"property"
includes assets of any kind
situated in the country or
elsewhere whether movable or
immovable, tangible or intangible,
legal documents and instruments
evidencing title of interest in
the assets;
"record" means
a material on which data is
recorded or marked and which is
capable of being read or
understood by a person, computer
system or other device;
"record of
identity" means the records
maintained by accountable
institutions on their clients in
accordance with rules and
directives
issued to the
accountable institutions by
relevant supervisory bodies;
"Regulations" means Regulations
made under this Act;
"religious
body" means an association, a body
or organisation which professes
adherence to a belief in a system
of faith or worship or which is
established in pursuance of a
religious objective; "Republic"
means Republic of Ghana;
"revenue
agency" means an agency authorised
by law to collect revenue;
"securities portfolio management"
means the process of managing the
financial
assets of a client by a brokerage
firm for and on behalf of the
client in accordance with selected
investment strategy under agreed
management principles and
regulations;
"serious
offence" means an offence for
which the maximum penalty is death
or imprisonment for a period of
not less than twelve months;
"supervisory body" means a body
responsible for the supervision of
the activities of accountable
institutions under this Act;
"suspicious"
means a matter which is beyond
mere speculations and based on
some foundation;
"transaction"
includes an act which establishes
a right or obligation or gives
rise to a contractual or legal
relationship between the parties
to the contract or legal
relationship and any movement of
funds by any means with a covered
institution; and
"trust and
company service providers" means
paid professional companies or
unpaid persons who hold assets in
a trust fund separate from their
own assets;
SCHEDULES
FIRST
SCHEDULE
( section
21 )
Accountable
institutions include
(a) an
entity which is a bank or a
non-bank financial institution
which carries on any of the
following activities:
(i) accepting
deposits of money from the public,
repayable on demand or otherwise
and withdrawable by cheque, draft,
orders or by any other means,
(ii) financing,
whether in whole or in part or by
way of short, medium or long term
loans or advances of trade,
industry, commerce or agriculture,
(iii) the issue
and administration of means of
payment including credit cards,
travellers' cheques bankers'
drafts and other financial
instruments,
(iv) the trade
in foreign exchange, currency
market instruments or transferable
securities,
(v) securities
portfolio management and advice
concerned with the portfolio
management,
(vi) dealing in
shares, stocks, bonds or other
securities,
(vii) leasing,
letting or delivering goods to a
hirer under a hire purchase
agreement,
(viii) the
conduct of any business,
(ix) the
collection of money or acceptance
of employer contributions and
payment from these funds of
legitimate claims for retirement
benefits; and
(x) any other
business activities that the Bank
of Ghana may prescribe or
recognise as being part of banking
business;
(b)
auctioneers;
(c)
lawyers;
(d)
notaries;
(e)
accountants;
(1) religious
bodies;
(g)
non-governmental organisations;
(h) a
person whose business or a
principal part of whose business
consists of providing financial
services that involve the
remittance or exchange of funds;
(i)
operators of game of chance;
(j) a
company carrying on insurance
business within the meaning of the
Insurance Act, 2006 (Act 724);
(k) a
real estate company or agent, only
to the extent that the real estate
company or agent receives funds in
the course of the agent's business
to settle real estate
transactions;
(I)
dealers in precious metals and
precious stones;
(m)dealers in
motor vehicles; and
(n)
trust and company service
providers.
SECOND SCHEDULE
( section
48)
THE OATH OF
SECRECY
I.
......................................................
holding the office of Do (in the
name of the
Almighty God
swear) (Solemnly affirm) that I
will not directly or indirectly
communicate or reveal to any
person any matter which shall be
brought under my consideration or
shall come to my knowledge in the
discharge of my official duties or
as may be specially permitted by
law (so help me God).
To be sworn
before the President, the Chief
Justice or such other person as
the President may designate.
Date of
Gazette notification: 25th
January, 2008.
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