In 2020, the Parliament of the Republic of Ghana passed the Anti-Money Laundering Act, 2020 (Act 1044) (the AML Act). The AML Act repealed the Anti-Money Laundering Act, 2008 (Act 749) as amended. To provide practical guidance to the application of the AML Act, the Anti-Money Laundering Regulations 2011 (L.I. 1987) (the AML Regulations) was passed (together, the AML Laws).
In April 2019, the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) developed a manual to guide Capital Market Operators (CMOs) to enhance their monitoring and surveillance systems with a view to preventing, detecting and responding appropriately to money laundering and financing of terrorism risks and similar risks in the financial market (the SEC/FIC manual).
In order to ensure that adequate policies and procedures are available to guide the Minerals Income Investment Fund (MIIF or the Fund) and staff in complying with the provisions of the AML Laws and the SEC/FIC manual, this Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Policy Procedures and Programme Manual (the Manual) has been developed to provide an abridged version of the above-mentioned documents.
The business of MIIF may require it to directly receive funds from other parties or invest funds into projects, utlise funds for trade purposes or engage in trade and financing transactions which could expose the Fund to money laundering and terrorism financing risks. The purpose of this Manual is to manage the risks associated with the laundering of the proceeds of crime and provide protection against fraud, reputational and other risks associated with same.
Consequently, all MIIF Staff are required to adopt a risk-based approach in the identification and management of the AML/CFT risks in line with the requirements of this Manual, the AML Laws and the SEC/FIC manual.
Additionally, this Manual is MIIF’s means of stating its commitment to comply with AML/CFT obligations under the law and regulatory directives and to actively prevent any transaction that otherwise facilitates criminal activity or terrorism. This Manual is structured in three (3), namely Part A, Part B and Part C.