The Bank of Ghana (BoG) has cautioned individuals against allowing third parties to receive and or transfer funds through their bank accounts.
That, it said, was because they could unknowingly be participating in or aiding
money laundering or terrorist financing, which are both punishable by law.
The BoG gave the advice in a social media post as part of a financial literacy
initiative to sensitise the public about money laundering and terrorist
financing.
The central bank described money laundering as a process whereby money obtained
from unlawful activities such as drug trafficking and corruption is legitimised
through complex transactions and processes called “cleaning” to hide its
illegal source.
“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,” the post said.
Terrorist Financing on the other hand, it said, includes the provision of funds
and financial support to individuals, state and non-state actors for the
purposes of extremist acts and the promotion of terrorism and terrorist
organisations.
“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.
It further explained that both activities can have potentially devastating
economic, security and social consequences for nations, businesses, and
individuals and as a result were in direct violation of Ghana’s laws.
In order to control them, the central bank said both individuals and
organisations may be required to disclose and prove the source of funds used to
undertake transactions at all financial institutions licensed and regulated by
the BoG.
Therefore, it stressed that members of the public should always be in a
position to satisfactorily explain their sources of wealth because sudden
unexplained wealth could be deemed as a result of money laundering.
It advised all to refrain from such activities intimating that that assets and
properties acquired with the proceeds from money laundering activities will be
confiscated and perpetrators prosecuted.
Source: graphic.com.gh