The Bank of Ghana is calling on the public to provide information voluntarily regarding suspected cases of money laundering and unexplained wealth.
This call aims to combat financial crimes, maintain the integrity of the country’s financial system, and ensure the industry’s cleanliness.
Emphasizing collaborative efforts, the Central Bank stressed the importance of identifying and addressing illicit financial activities that threaten the stability and reputation of the banking sector.
This advisory was issued as part of the Bank of Ghana’s financial literacy initiatives.
Money laundering refers to the process of legitimizing money obtained through unlawful activities like drug trafficking and corruption, accomplished through intricate transactions and a method called ‘cleaning’ to conceal its illegal origins.
Both the illicit activities generating ‘dirty’ money and the act of money laundering itself are subject to legal penalties.
The Bank of Ghana asserts that, money laundering not only compromises the integrity of financial institutions but also carries extensive repercussions for the economy, businesses, and society as a whole.
To combat money laundering and terrorist financing effectively, individuals may be obligated to disclose and substantiate the sources of funds used in transactions conducted at all Bank of Ghana-licensed and regulated institutions.
“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.
In 2016, a mutual evaluation carried out identified significant deficiencies in Ghana’s anti-money laundering, counter-financial terrorism and proliferation financing regime, leading to a greylisting by the Financial Action Task Force.
It was not until 2020 that Ghana was de-listed following extensive reforms to strengthen the regime.
To consolidate the gains, the Bank of Ghana reminded the public that sudden unexplained wealth could be a result of money laundering, which could lead to prosecution.
It also advised the public to always be in the position to satisfactorily explain their sources of wealth, and reminded them that assets and properties with proceeds from money laundering activities can be confiscated and individuals involved prosecuted.
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