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Gov’t must enforce strict anti-money laundering cyber rules-Analyst

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Some cyber security analysts are calling on government to ensure that there is strict adherence to cyber security and anti-money laundering regulations in the country.

The call comes as the European Union has rejected a proposal by the EU Executive Commission to include Ghana and 22 other countries to its dirty money list.

Ghana was on February 13 this year, added to a list of 23 countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

The list did not entail any type of sanctions, restrictions on trade relations or impediment to development aid; but however required banks and obliged entities to apply enhanced vigilance measures on transactions involving these countries.

A few weeks down the line the EU member states have however rejected the proposal by the EU Executive Commission to blacklist Ghana and the other 22 countries.
Speaking on the matter, Managing Partner for Cyber Security Company Delta3 International, Del Aden advised Ghana to reduce the occurrences of money laundering by enforcing strict anti-cyber fraud rules.

“The reason Ghana was added to the list is because we are not doing enough as a country to prevent the occurrences of money laundering”, he stressed.

Mr. Aden was of the view that increased digitization in the country is key to reducing the occurrence of money laundering.

“It is time we intensify digitization in the country, by doing so, there will be a lower risk of money laundering activities taking place, and this will also give investors more confidence to do business in the country”.

He added, “There must also be enforcement of all regulations surrounding money laundering not to forget giving strict punishment to those caught in the act”

By: Anita Arthur/citibusinessnews.com/Ghana


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