Money Laundering and Terrorist Financing through the Informal and Illegal Currency Exchange Service Providers in West Africa
The Financial Intelligence Centre (FIC) and the Anti-Money Laundering Unit of the Ghana Revenue Authority (GRA) with the support of the German Development Agency (GIZ) and in collaboration with the executives of the Association of the Second Hand Car Dealers Association, organized a two (2) day capacity building programme (27th-28th July, 2021) for the Second Hand Car Dealers in the Northern Sector of Ghana.
In all, Seventy-six (76) car dealers participated in the capacity building workshop. The objective of the workshop was to among others create awareness of on Anti-Money Laundering/Combating the Financing of terrorism (AML/CFT), provide highlights on the Anti-Money Laundering Act, 2020 (Act 1044), present money laundering schemes within the sector, discuss the outcome of the National Risk Assessment, the measures undertaken leading to the removal of Ghana from the FATF ‘Grey list’ and expected actions to be instituted by the Second Hand Car Dealers Association.
The Anti-Money Laundering Unit of the GRA presented the collaborating role of the Unit in ensuring compliance of the Designated Non-Financial Businesses and Professions (DNFBPs) on AML/CFT obligations. The Car dealership sector has been designated as an Accountable sector in Ghana.
Also, the Domestic Tax Office of the GRA also seized the opportunity to provide tax education to participants and took turns to respond to queries raised by participants in relation to import taxes on automobiles.
At the end of the AML/CFT workshop, participants acknowledged that their understanding of AML/CFT issues had been enhanced.
Mr. James Osei Mensah, the Ashanti Regional Chairman of the Second Hand Car Dealers Association, thanked the FIC and the GRA for organizing the workshop for the sector. He admitted that indeed most of the dealers had experienced some of the money laundering schemes presented during the workshop and gave the assurance that going forward the Association would encourage their members to report any suspicious activities occurring at their car garages to the FIC.