The Bank of Ghana (BoG) has announced that commercial banks and authorised institutions involved in the sale and purchase of the Ghana Gold Coin (GGC) are required to implement robust Anti-Money Laundering/ Countering the Financing of Terrorism (AML/ CFT) checks, including monitoring for any red flags that could indicate suspicious activity. The central bank said this when it was asked about the measures that have been put in place to ensure that the proceeds from the sale of GGC are not linked to criminal activities.
The BoG indicated that it has implemented stringent Anti-Money Laundering/ Countering the Financing of Terrorism measures to ensure that the issuance of gold coins does not promote money laundering.
It also assured the public that measures have been instituted to ensure that the Ghana Gold Coin initiative complies with national and international regulations. The BoG added that it has outlined measures to ensure that the gold that will be used for its Ghana Gold Coin is not derived from illegal miners. The BoG launched its gold coin which will be available on the market in the next two weeks for purchase by investors.
This is the first time the central bank is issuing gold coins as an alternative investment asset available to the public.
Source: BOGonline
