The Bank of Ghana has advised the public to volunteer information on suspected cases of money laundering and unexplained wealth.
The central bank said this would help deal with financial crimes, sanitise the industry, and uphold the integrity of the country’s financial system.
The BoG said it remains committed to collaborating with others to identify and address illicit financial activities that pose a threat to the stability and reputation of the banking sector.
This was contained in a circular on money laundering as part of its financial literacy.
It explained that money laundering undermines the integrity of financial institutions and has far-reaching consequences for the economy, businesses and society as a whole.
Money laundering is the process whereby money obtained from unlawful activities such as drug trafficking and corruption is legitimized through complex transactions and a process called ‘cleaning’ to hide its illegal source.
Both the underlying illegal activities which produce the ‘dirty’ money that has to be ‘washed or cleaned’ and money laundered which seeks to legitimize the proceeds of the illegal activities are punishable by law.
In order to control money laundering and terrorist financing, one may be required to disclose and prove the source of funds used to undertake transactions 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 said.
By: Rainbowradioonline.com/Ghana
