Experienced journalist and Managing Editor of the Insight newspaper, Kwesi Pratt Jnr., has raised questions regarding the significance of anti-money laundering laws in Ghana.
During his participation in the Friday segment of Peace FM’s “Kokrokoo” morning show, he expressed concerns about the way individuals suspected of money laundering into the country are treated.
He pointed out that there is no prohibition when a Ghanaian sends a substantial amount of foreign currency to a foreign country. However, if the same individual brings a similar amount into Ghana, they may be accused of violating the law.
Kwesi Pratt cited the ease with which a person can transfer, for example, 5 million dollars from Ghana to Switzerland without facing any obstacles. But when the same individual attempts to bring such a substantial amount of money into Ghana, they may be at risk of arrest and prosecution.
He further noted the disheartening aspect of Ghanaian authorities sometimes encouraging the extradition of money launderers for prosecution by foreign authorities.
” . . these foreign countries are exploiting Ghanaians to enrich their nations and instead of Ghana doing same, the authorities are busily arresting people for hoarding money which they have legitimately acquired and want to transfer such funds to Ghana which would be of enormous benefit to the growth of the nation.
“What is the sense in our anti-money laundering laws?”, he queried as he could not wrap his head around such financial restrictive acts in Ghana.