Dr. Manteaw calls on Goldbod to adhere to anti-money laundering standards - Ghana Business News

**Dr. Steve Manteaw's Call for Compliance with International Standards**

Dr. Steve Manteaw is the Co-Chair of the Ghana Extractive Transparency Initiative (GHEITI). He has urged the proposed Gold Board to follow international anti-money laundering standards. This compliance is crucial to avoid sanctions and maintain credibility.

He emphasized that the Gold Board must align with Financial Action Task Force (FATF) regulations. Failure to comply could expose Ghana to financial and reputational risks. These risks include travel restrictions and limits on international transactions.

Dr. Manteaw spoke at a workshop organized by the Ghana National Association of Small-Scale Miners Initiative. The workshop focused on the prospects and challenges of the proposed Gold Board. He highlighted that regulatory compliance in the extractive sector is vital.

“The Gold Board is a laudable initiative,” he said, “but it must meet international standards.” He stressed that establishing a system that allows money laundering is unacceptable. Compliance with FATF regulations is essential.

He also expressed concerns about current customer due diligence practices in small-scale mining. These practices mainly rely on police reports, which he deemed inadequate. Dr. Manteaw called for a comprehensive approach aligned with international guidelines.

“We need robust systems to identify and mitigate potential risks,” he stated. This includes better scrutiny of beneficial ownership and strict reporting mechanisms.

He underscored responsible sourcing according to OECD guidelines for ethical gold production. This involves addressing environmental reclamation, gender inclusion, and fair treatment of stakeholders.

“Responsible sourcing is an economic necessity,” he added. International buyers demand transparency and accountability in their supply chains.

Dr. Manteaw urged Ghana to show its commitment to responsible mining practices to stay competitive globally. He called for greater collaboration between government agencies and mining stakeholders regarding the Gold Board's operations.

He also requested Parliament thoroughly scrutinize the Gold Board Bill for alignment with best practices. “We must learn from past experiences,” he warned, “to avoid regulatory gaps.”

“A proactive approach is essential,” he concluded, “to ensure the Gold Board protects Ghana’s reputation and economic interests.”