Bank of Ghana releases warning financial literacy on money laundering

The Bank of Ghana has released its latest update on money laundering in its latest financial literacy documents, titled “Bank of Ghana Financial Literacy on Money Laundering.”

Money laundering remains a serious criminal offense globally and refers to where persons engage in illegal money-making ventures and transfer their illegal incomes from one location to another in ways that hide the illegality of the activities from which they earned the income from law enforcement agencies.

Every effort is undertaken to hide the illegal source of the funds through a systemic effort called cleaning.
The Bank of Ghana has indicated that every underlying illegal activity through which the “dirty” money is earned, the “washing or cleaning” of the illegal money to make it look legitimate, and the act of money laundering, thus the attempt to legitimate the dirty proceeds from the illegal activities, are both punishable by law.

For instance, engaging in drug import and export, relationship scams, human organ harvesting, or any other illegal business and concealing such illegalities but bringing the money into Ghana or from any other country as though you were engaged in legal business activities is a crime.

Across the globe, money laundering and terrorism have been linked to terrorism financing, as they both have the potential to devastate the economic, security, and social safety of nations, businesses, and individuals.

Terrorism financially includes but is not limited to the provision of funds and financial support to individuals, states, and non-state acts and the promotion of terrorist organizations.

The Bank of Ghana is mandated by law to control money laundering and terrorist financing. As a result of this, individuals, businesses, and groups that bring money into the country may be required to disclose the source of such funds and where they come from to undertake transactions at all licensed banks and financial institutions operating under the Bank of Ghana in the country.

If the Bank of Ghana notices any sudden, unexplained wealth and suspects money laundering, it can contact and report such deposits made to the security agencies for investigations and prosecution if money laundering is found to be the source of such funds.

The Bank of Ghana has therefore advised all who may be invested in or investigated for money laundering to be able to clearly explain their source of funds or unexplained wealth.

In some instances, one may not be directly involved in their own laundering, but a third party, such as a friend or a family member, may transfer such illegal monies through their personal or business account.

The Bank of Ghana has advised that no one should allow others to receive or transfer funds through their bank accounts since such an act could be seen in law as aid money laundering or terrorist financing, which is punishable by law.

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Finally, properties acquired through money laundering can also be confiscated, and you may also be prosecuted.
The Bank of Ghana’s Financial Literacy on Money Laundering is clear on what we all need to do to stay safe and ensure we do not compromise our peace and the safety of everyone.

Source: Wisdom HAMMOND | Ghanaeducation.org