GIABA TO CONDUCT EXPERTS’ MEETING ON GHANA’S MUTUAL EVALUATION
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will hold a Face-to-Face (F2F) meeting of experts on the Mutual Evaluation On-site of Ghana from Monday, February 6, to Friday, February 10, 2017 in Accra, Ghana. The mutual evaluation on-site of Ghana took place from September 19 to October 4, 2016.
The objective of the F2F Meeting, which is part of the Mutual Evaluation Exercise, is to further discuss the draft Mutual Evaluation Report and Executive Summary with the aim of resolving any issues relating to technical compliance or effectiveness and identify potential priority issues.
Experts at the meeting include assessors and reviewers who are leading experts in Legal and Financial Intelligence, Financial Sector and Law Enforcement Sectors from across West Africa.
The Mutual Evaluation is a peer review mechanism through which each member State is evaluated based on the Forty Recommendations of the Revised FATF Standards (2012) and the FATF Assessment Methodology of 2013. The scope of the Mutual Evaluations process is to assess whether the necessary laws, regulations, practices and other measures required under the FATF Recommendations are in force and effective, and that there has been a full and proper implementation of all the necessary measures to fight money laundering, terrorist financing and the financing of the proliferation of Weapons of Mass Destruction.
In addition to the assessment of technical compliance as carried out in the First Round, a critical component of the Second Round of the mutual evaluation is the assessment of the effectiveness of the AML/CFT systems of member States in relation to certain structural elements, and other contextual factors. “The goal of an assessment of the effectiveness is to provide an appreciation of the whole of the country’s AML/CFT system and how well it works.” The effectiveness component is assessed based on core issues as encapsulated under eleven immediate outcomes (IOs).
The mutual evaluation is carried out based on GIABA Mutual Evaluation Process and Procedure in line with the FATF universal mutual evaluation procedures.