Bank of Ghana
The Bank of Ghana (BoG) has issued a stern warning against individuals allowing third parties to handle funds through their bank accounts, emphasizing the risks of unwitting involvements in money laundering or terrorist financing, both of which are illegal and subject to punishment by law.
In a social media post as part of its financial literacy initiative aimed at raising awareness about money laundering and terrorist financing, the BoG urged the public to exercise caution.
It described money laundering as a process where unlawfully acquired funds, often from activities like drug trafficking and corruption, are laundered through intricate transactions to conceal their illicit origins.
The post stated, "Beware! Both the underlying illegal activities which produce the 'dirty' money that has to be 'washed or cleaned' and money laundering, which seeks to legitimize the proceeds of the illegal activities are punishable by law."
Furthermore, the BoG clarified terrorist financing as providing financial support to individuals, state or non-state actors for extremist acts or promoting terrorism and terrorist organizations, underlining that such actions constitute criminal offenses.
"Financing of terrorism is a crime and punishable by law. When you provide your legitimately or illegitimately acquired funds/assets for terrorist activities or organisations, you are financing terrorism. Be careful you do not become a conduit for such activities," the BoG added.
The central bank emphasized the severe economic, security, and social ramifications of both money laundering and terrorist financing, asserting that they directly violate Ghana's laws.
To combat these illicit activities, individuals and organizations may be required to disclose and verify the source of funds used in transactions at all financial institutions licensed and regulated by the BoG.
It stressed the importance of individuals being able to explain the sources of their wealth satisfactorily, as sudden unexplained wealth could raise suspicions of money laundering.
The BoG advised the public to abstain from such activities, warning that assets and properties acquired through money laundering activities would be confiscated, and perpetrators prosecuted.
The Bank of Ghana urged vigilance and compliance with financial regulations to combat money laundering and terrorist financing, safeguarding the nation's economy, security, and social well-being.
NAY/AE
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