DECEMBER 2005
( I) EXIM BANK LINE OF CREDIT TO THE GOVERNMENT
OF THE REPUBLIC OF GHANA
Exim Bank of India has extended a line of credit upto USD 27 million to the Government of the Republic of Ghana for financing export of goods and services to Ghana for projects in agriculture, rural electrification, transportation and communication which are eligible for export under the Foreign Trade Policy of Government of India.
( II) ANTI-MONEY LAUNDERING GUIDELINES F O R
AUTHORISED MONEY CHANGERS (AMCS)
In view of the increased concerns regarding money laundering
activities and to prevent AMCs from being misused for such activities, Reserve
Bank has brought out detailed Anti-Money Laundering (AML) guidelines to enable
AMCs to put in place the policy framework and systems for prevention of money
laundering while undertaking money exchange transactions. All AMCs will formulate
suitable policies and procedures for the Anti-Money Laundering (AML) measures
which would include (i) Customer Identification Procedure – "Know your
Customer" norms, (ii) Recognition, handling and disclosure of suspicious
transactions, (iii) Appointment of Money Laundering Reporting Officer (MLRO),
(iv) Staff Training, (v) Maintenance of records, and (vi) Audit of transactions
in accordance with the guidelines issued. The AML policy framework and measures
should be formulated and put in place before March 31, 2006 with the approval
of the Board of Directors of the AMC.