The Bank of Ghana (BoG) has issued a comprehensive directive urging all account holders to be prepared to provide satisfactory explanations regarding the sources of their wealth.
This directive is prompted by increasing concerns about the transparency and accountability of the country’s financial system. Sudden unexplained wealth raises suspicions of potential involvement in money laundering, making this message particularly important.
The BoG shared this guidance via a social media post as a component of a financial literacy campaign aimed at increasing awareness about money laundering and terrorist financing. The institution emphasized the significance of preserving the integrity of the financial system and fighting against unlawful financial activities such as money laundering and corruption. According to the BoG, individuals with bank accounts should be capable of substantiating the origins of their funds to adhere to anti-money laundering regulations and uphold the integrity of the banking sector.
Describing money laundering as “process whereby money obtained from unlawful activities such as drug trafficking and corruption is legitimized through complex transactions and process called ‘cleaning’ to hide its illegal source,” the central bank cautioned against both the underlying illegal activities and the act of money laundering itself.
“Beware! Both the illegal activities generating ‘dirty’ money that needs to be ‘washed or cleaned,’ and money laundering, which aims to legitimize the proceeds of these activities, are punishable by law,” the post emphasized.
