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

**Dr. Steve Manteaw's Call for Compliance with Anti-Money Laundering Standards**

Dr. Steve Manteaw is the Co-Chair of the Ghana Extractive Transparency Initiative (GHEITI). He 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 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 is vital in the extractive sector.

“The Gold Board is a laudable initiative,” he said, “but it must meet international standards.” He added, “We cannot create a system that facilitates money laundering or illicit activities.” 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 enhanced scrutiny of beneficial ownership and strict reporting mechanisms.

He stressed 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 not just ethical; it’s economically necessary,” he noted. International buyers demand transparency and accountability in their supply chains.

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

He asked Parliament to thoroughly review the Gold Board Bill for alignment with best practices. “We must learn from past experiences,” he warned, “to avoid regulatory gaps that could lead to sanctions.”

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