PRAAD HOLD A WORKSHOP TO DEVELOP GUIDELINES FOR THE IMPLEMENTATION OF SECTION 32 (7) OF THE ANTI-MONEY LAUNDERING ACT, 2020 (ACT 1044)

The Public Records and Archives Administration Department (PRAAD) held a stakeholder workshop to develop Guidelines for the 

implementation of section 32 (7) of the Anti-Money Laundering Act, 2020 (Act 1044). The two-day stakeholder workshop was held at the Forest Hotel, Dodowa, between Friday, 22nd April, and Saturday, 23rd April 2020. Section 32 (7) of Act 1044 directs accountable institutions to deposit their customer and transactional records to PRAAD having a 5-year minimum retention period.

Participants were drawn from the various competent authorities or regulatory bodies regulating the operations of the accountable institutions including the Financial Intelligence Center (FIC), Bank of Ghana (BoG), Securities and Exchange Commission (SEC), The National Insurance Commission (NIC), Gaming Commission, ARB Apex Bank Ltd, etc. it also had in attendance, representatives from the Data Protection Commission as well as the host institution, PRAAD.

In his address, the Head of Civil Service, Nana Agyekum Dwamena, encouraged participants to consider the development of the Guidelines as a huge step towards the development of the Nation through the fight against money-laundering, terrorism funding, and the proliferation of weapons of mass destruction.