The Bank of Ghana (BoG) has urged the public to subject themselves to scrutiny regarding unexplained wealth and to report any suspicious financial transactions for investigation.
According to the BoG, this initiative is a part of the efforts to combat money laundering within the country.
These guidelines were outlined in the BoG’s notice concerning money laundering in Ghana.
“Sudden unexplained wealth could be as a result of money laundering and you could be prosecuted. Be sure to be in a position to satisfactorily explain your sources of wealth”, BoG cautioned.
The central bank urged the general public to collaborate with financial regulators by providing information regarding the source of funds used in various financial transactions across the country.
Additionally, the BoG cautioned bank customers against allowing their accounts to be used by friends for transactions that lack independent verification.
Money laundering involves the process of legitimizing money obtained from illegal activities like drug trafficking and corruption through complex transactions, a process known as ‘cleaning’, to conceal its illicit origin.
Both the illegal activities generating ‘dirty’ money and the act of money laundering to legitimize these proceeds are subject to legal penalties.
According to the BoG, money laundering not only undermines the credibility of financial institutions but also has wide-ranging implications for the economy, businesses, and society as a whole.
To combat money laundering and terrorist financing, individuals may be required to disclose and substantiate the source of funds utilized in transactions across all BoG licensed and regulated institutions.
In 2016, Ghana’s anti-money laundering, counter-financial terrorism, and proliferation financing regime were flagged for significant deficiencies during a mutual evaluation, resulting in greylisting by the Financial Action Task Force.
Ghana was only removed from the grey list in 2020 following extensive reforms aimed at fortifying the regime.
To sustain these achievements, the BoG cautioned that unexplained sudden wealth could be indicative of money laundering, potentially leading to legal action.
Furthermore, it advised the public to be capable of satisfactorily explaining the sources of their wealth, reminding them that assets and properties acquired through money laundering activities are subject to confiscation, with individuals involved facing prosecution.
You don’t need to look far they just around us but are protected by the Chief Clearing Agent himself. What immediately comes to mind are Cecilia Dapaah and Bissue. We had them with evidence but the crooked officials are working tooth and nails to take away the evidence.
It’s your mother that we will expose,nonsense. Continue making fool of us. What has happened to the Cecilia Dapaah issue? We know she is one of your own so nothing is going to happen but trust me nothing stays hidden forever.All of you including you have lost favour in the sight of God for stealing from the poor and at the right time there will be accountability. It will happen in your lifetime.