Bank of Ghana explains why sudden unexplained wealth could be money laundering
Bank of Ghana explains why sudden unexplained wealth could be money laundering
The central bank of Ghana has shed light on how unexpected, unexplained wealth—which may be the consequence of money laundering—can result in a person being imprisoned following legal action.
It clarified that those who have suddenly become extremely wealthy must be prepared to give the authorities adequate justifications for their fortune.
The Bank of Ghana advised the public to exercise caution while accepting money from third parties through their bank accounts in its most recent Financial Literacy brochure.
“You might face legal action if you have sudden, unexplained income that is the product of money laundering. Make sure you can adequately explain how you came to be wealthy.
“Don’t allow a third party to receive and or transfer funds through your bank account. You could be aiding money laundering or terrorist financing which is crime a punishable by law,” the bank said.
Money laundering is defined as “the process whereby money obtained from unlawful activities such as drug trafficking and corruption is legitimized through complex transactions and processes called ‘cleaning’ to hide its illegal source,” according to the document, which goes on to provide further details about the practice.
It also included the addition of a second conduct that is legally punishable: “Terrorism Financing.” This crime has the risk of grave economic, security, and social repercussions for states, companies, and people.
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“Terrorist financing includes the provision of funds and financial support to individuals, state and non-state actors for the purpose of extremist acts and the promotion of terrorism and terrorist organizations.
“Financing of terrorism is a crime and is punishable by law. When you provide your legitimately or illegitimately acquired funds/assets for terrorist activities or organizations, you are financing terrorism. Be careful you do not become a conduit for such activities.
“You may be required to disclose and prove the source of funds used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions,” the Bank said.
A new Anti-Money Laundering Act, 2020 (Act 1044) was passed by Ghana on December 29, 2020, with the goal of unifying the laws pertaining to the outlawing of money laundering.
The Act establishes severe penalties, including fines and jail time, for a variety of money laundering offenses.
Bank of Ghana explains why sudden unexplained
Bank of Ghana explains why sudden unexplained
Bank of Ghana explains why sudden unexplained
Bank of Ghana explains why sudden unexplained
Bank of Ghana explains why sudden unexplained
Bank of Ghana explains why sudden unexplained
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