Anti-money Laundering Act, 2020 (Act 1044) - Revision history

Oblitey: /* SECOND SCHEDULE - The Oath of Secrecy */

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SECOND SCHEDULE - The Oath of Secrecy

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	(section 57 (1))		(section 57 (1))


	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).		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).

Oblitey: /* FIRST SCHEDULE - List of Accountable Institutions */

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FIRST SCHEDULE - List of Accountable Institutions

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	An accountable institution includes		An accountable institution includes
	(a) an entity or a person that conducts as a business one or more of the following activities or operations for or on behalf of a customer:		:(a) an entity or a person that conducts as a business one or more of the following activities or operations for or on behalf of a customer:
	(i) accepting deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, bank draft, orders or by any other means;		::(i) accepting deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, bank 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;		::(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;
	44		::(iii) issuing and administration of means of payment including credit cards, travellers' cheques, bank drafts and other financial instruments;
	(iii) issuing and administration of means of payment including credit cards, travellers' cheques, bank drafts and other financial instruments;		::(iv) providing services in respect of financial guarantees and commitments;
	(iv) providing services in respect of financial guarantees and commitments;		::(v) trading in foreign exchange, currency market instruments, transferable securities, or commodity futures;
	(v) trading in foreign exchange, currency market instruments, transferable securities, or commodity futures;		::(vi) providing services in respect of securities portfolio management and advice concerned with the portfolio management;
	(vi) providing services in respect of securities portfolio management and advice concerned with the portfolio management;		::(vii) dealing in shares, stocks, bonds or other securities;
	(vii) dealing in shares, stocks, bonds or other securities;		::(viii) safekeeping and administration of currency or liquid securities on behalf of other persons;
	(viii) safekeeping and administration of currency or liquid securities on behalf of other persons;		::(ix) investing, administering or managing funds or money on behalf of other persons;
	(ix) investing, administering or managing funds or money on behalf of other persons;		::(x) leasing, letting or delivering goods to a hirer under a hire-purchase agreement;
	(x) leasing, letting or delivering goods to a hirer under a hire-purchase agreement;		::(xi) the collection of money or acceptance of employer contributions and payment from these funds of legitimate claims for retirement benefits;
	(xi) the collection of money or acceptance of employer contributions and payment from these funds of legitimate claims for retirement benefits;		::(xii) changing of money and currency;
	(xii) changing of money and currency;		::(xiii) any other business activities that the Bank of Ghana or the Securities and Exchange Commission may prescribe or recognise as being part of banking or securities business;
	(xiii) any other business activities that the Bank of Ghana or the Securities and Exchange Commission may prescribe or recognise as being part of banking or securities business;
	(b) an auctioneer;		:(b) an auctioneer;
	(c) a lawyer, a notary or an accountant who prepares for, engages in or carries out a transaction for a client concerning any of the following activities:		:(c) a lawyer, a notary or an accountant who prepares for, engages in or carries out a transaction for a client concerning any of the following activities:
	(i) buying and selling of real estate;		::(i) buying and selling of real estate;
	(ii) managing of client money, securities or other assets;		::(ii) managing of client money, securities or other assets;
	(iii) managing a bank, savings or securities account;		::(iii) managing a bank, savings or securities account;
	(iv) organising contributions for the creation, operation or management of a legal person;		::(iv) organising contributions for the creation, operation or management of a legal person;
	(v) creating, operating or managing a legal person; or		::(v) creating, operating or managing a legal person; or
	(vi) arrangement, or buying and selling of a business entity;		::(vi) arrangement, or buying and selling of a business entity;
	(d) a person whose business or a principal part of whose business consists of providing financial services that involve the remittance or exchange of funds;		:(d) a person whose business or a principal part of whose business consists of providing financial services that involve the remittance or exchange of funds;
	(e) an operator of a game of chance;		:(e) an operator of a game of chance;
	(f) a company carrying on an insurance business within the meaning of the Insurance Act, 2006 (Act 724);		:(f) a company carrying on an insurance business within the meaning of the Insurance Act, 2006 (Act 724);
	(g) a real estate company or agent, only to the extent that the real estate company or agent is involved in transactions for a client concerning the buying and selling of real estate;		:(g) a real estate company or agent, only to the extent that the real estate company or agent is involved in transactions for a client concerning the buying and selling of real estate;
	(h) a dealer in precious metals and precious stones;		:(h) a dealer in precious metals and precious stones;
	45		:(i) a dealer in motor vehicles;
	(i) a dealer in motor vehicles;		:(j) a trust and company service provider which, as a business, prepares for or carries out transactions on behalf of a customer in relation to any of the following services to a third party:
	(j) a trust and company service provider which, as a business, prepares for or carries out transactions on behalf of a customer in relation to any of the following services to a third party:		::(i) acting as a formation, registration or management agent of a legal person;
	(i) acting as a formation, registration or management agent of a legal person;		::(ii) acting as or arranging for another person to act as a director or secretary of a company or a partner of a partnership, or to hold a similar position in relation to a legal person;
	(ii) acting as or arranging for another person to act as a director or secretary of a company or a partner of a partnership, or to hold a similar position in relation to a legal person;		::(iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;
	(iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;		::(iv) acting as, or arranging for another person to act as a trustee of an express trust or a similar arrangement; and
	(iv) acting as, or arranging for another person to act as a trustee of an express trust or a similar arrangement; and		::(v) acting as or arranging for another person to act as a nominee shareholder for another person;
	(v) acting as or arranging for another person to act as a nominee shareholder for another person;		:(k) a nominee; and
	(k) a nominee; and		:(l) a virtual asset service provider.
	(l) a virtual asset service provider.
	SECOND SCHEDULE
			====SECOND SCHEDULE - The Oath of Secrecy ====

	(section 57 (1))		(section 57 (1))
	~~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).		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.		To be sworn before the President, the Chief Justice or such other person as the President may designate.

Oblitey: /* ARRANGEMENT OF SECTIONS */

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ARRANGEMENT OF SECTIONS

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	==ARRANGEMENT OF SECTIONS==		==ARRANGEMENT OF SECTIONS==

	Money Laundering		''Money Laundering''
	:1. Money laundering		:1. Money laundering
	:2. Abetment of money laundering		:2. Abetment of money laundering
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	:5. Confiscation of proceeds of money laundering		:5. Confiscation of proceeds of money laundering

	Financial Intelligence Centre		''Financial Intelligence Centre''
	:6. Establishment of Financial Intelligence Centre		:6. Establishment of Financial Intelligence Centre
	:7. Objects of the Centre		:7. Objects of the Centre
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	:16. Allowances		:16. Allowances

	Administrative Provisions		''Administrative Provisions''
	:17. Appointment of Chief Executive Officer		:17. Appointment of Chief Executive Officer
	:18. Functions of the Chief Executive Officer		:18. Functions of the Chief Executive Officer
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	:22. Internal Audit Unit		:22. Internal Audit Unit

	Financial Provisions		''Financial Provisions''
	:23. Funds of the Centre		:23. Funds of the Centre
	:24. Bank account		:24. Bank account
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	:27. Annual report and other reports		:27. Annual report and other reports

	Accountable Institutions		''Accountable Institutions''
	:28. Accountable institutions		:28. Accountable institutions
	:29. Register of accountable institutions		:29. Register of accountable institutions
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	:31. Preservation of funds, other assets and instrumentalities of crime		:31. Preservation of funds, other assets and instrumentalities of crime

	Records and Information		''Records and Information''
	:32. Record keeping		:32. Record keeping
	:33. Unauthorised access to computer system or application data		:33. Unauthorised access to computer system or application data
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	:48. Offences in relation to records and information		:48. Offences in relation to records and information

	Compliance		''Compliance''
	:49. Formulation and implementation of internal rules		:49. Formulation and implementation of internal rules
	:50. Training and monitoring for compliance		:50. Training and monitoring for compliance
	:51. Breaches in relation to compliance		:51. Breaches in relation to compliance

	Supervision and Administrative Penalty		''Supervision and Administrative Penalty''
	:52. Supervisory powers		:52. Supervisory powers
	:53. Administrative penalty		:53. Administrative penalty

	Miscellaneous Provisions		''Miscellaneous Provisions''
	:54. Extraditable offence		:54. Extraditable offence
	:55. Trial court and proceedings		:55. Trial court and proceedings

Oblitey: /* 63. Interpretation */

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63. Interpretation

Show changes

Oblitey: /* 63. Interpretation */

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63. Interpretation

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	43		43
	(c) upon having reasonable grounds, or a reasonable basis to suspect or believe that an individual, entity or organisation is a terrorist, one who finances terrorism or a terrorist organisation.		(c) upon having reasonable grounds, or a reasonable basis to suspect or believe that an individual, entity or organisation is a terrorist, one who finances terrorism or a terrorist organisation.


	====64. Repeal and savings====		====64. Repeal and savings====

Oblitey: /* Miscellaneous Provisions */

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Miscellaneous Provisions

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	(5) An accountable institution affected by an administrative penalty under this section who is dissatisfied with the decision may apply to the Centre or the supervisory body within fifteen days after the administrative penalty is imposed for the decision to be reconsidered.		(5) An accountable institution affected by an administrative penalty under this section who is dissatisfied with the decision may apply to the Centre or the supervisory body within fifteen days after the administrative penalty is imposed for the decision to be reconsidered.

	===Miscellaneous Provisions===		===''Miscellaneous Provisions''===

	====54. Extraditable offence====		====54. Extraditable offence====
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	(4) Moneys held by, or on behalf of, the Centre established under Act 749 immediately before the coming into force of this Act are transferred to the Centre established under this Act.		(4) Moneys held by, or on behalf of, the Centre established under Act 749 immediately before the coming into force of this Act are transferred to the Centre established under this Act.


	===SCHEDULES===		===SCHEDULES===

Oblitey: /* Financial Provisions */

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Financial Provisions

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	(5) The Internal Auditor shall, in accordance with subsection (4) of section 16 of the Internal Audit Agency Act, 2003 (Act 658), submit a copy of each report prepared under this section to the Chairperson of the Board.		(5) The Internal Auditor shall, in accordance with subsection (4) of section 16 of the Internal Audit Agency Act, 2003 (Act 658), submit a copy of each report prepared under this section to the Chairperson of the Board.

	===Financial Provisions===		===''Financial Provisions''===

	====23. Funds of the Centre====		====23. Funds of the Centre====
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	(5) The Minister shall, within thirty days after the receipt of the annual report, submit the report to Parliament with a statement that the Minister considers necessary.		(5) The Minister shall, within thirty days after the receipt of the annual report, submit the report to Parliament with a statement that the Minister considers necessary.


	===Accountable Institutions===		===Accountable Institutions===

Oblitey: /* Financial Intelligence Centre */

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Financial Intelligence Centre

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	Where it is established by a Court of competent jurisdiction that property was acquired in contravention of this Act, the property shall be confiscated to the State.		Where it is established by a Court of competent jurisdiction that property was acquired in contravention of this Act, the property shall be confiscated to the State.

	===Financial Intelligence Centre===		===''Financial Intelligence Centre''===

	====6. Establishment of Financial Intelligence Centre====		====6. Establishment of Financial Intelligence Centre====
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	(5) The Internal Auditor shall, in accordance with subsection (4) of section 16 of the Internal Audit Agency Act, 2003 (Act 658), submit a copy of each report prepared under this section to the Chairperson of the Board.		(5) The Internal Auditor shall, in accordance with subsection (4) of section 16 of the Internal Audit Agency Act, 2003 (Act 658), submit a copy of each report prepared under this section to the Chairperson of the Board.


	===Financial Provisions===		===Financial Provisions===

Oblitey: /* Money Laundering */

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Money Laundering

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	==ACT==		==ACT==

	===Money Laundering===		===''Money Laundering''===

	====1. Money laundering====		====1. Money laundering====
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	====5. Confiscation of proceeds of money laundering====		====5. Confiscation of proceeds of money laundering====
	Where it is established by a Court of competent jurisdiction that property was acquired in contravention of this Act, the property shall be confiscated to the State.		Where it is established by a Court of competent jurisdiction that property was acquired in contravention of this Act, the property shall be confiscated to the State.


	===Financial Intelligence Centre===		===Financial Intelligence Centre===

Oblitey: /* Accountable Institutions */

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Accountable Institutions

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	(7) At the end of the five-year period the accountable institution shall send the records to the Public Records and Archives Administration Department.		(7) At the end of the five-year period the accountable institution shall send the records to the Public Records and Archives Administration Department.


	====33. Unauthorised access to computer system or application data====		====33. Unauthorised access to computer system or application data====
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	(5) An accountable institution affected by an administrative penalty under this section who is dissatisfied with the decision may apply to the Centre or the supervisory body within fifteen days after the administrative penalty is imposed for the decision to be reconsidered.		(5) An accountable institution affected by an administrative penalty under this section who is dissatisfied with the decision may apply to the Centre or the supervisory body within fifteen days after the administrative penalty is imposed for the decision to be reconsidered.


	===Miscellaneous Provisions===		===Miscellaneous Provisions===