BoG Urges Citizens To Report Sudden Unexplained Wealth, Money Laundering Cases
- The Bank of Ghana says persons with information about suspected cases of unexplained wealth and money laundering should report the cases
- The bank says money laundering has the potential to devastate the economy and threatens the security of the state
- It says those caught engaging in money laundering activities and those benefitting from it could be prosecuted
The Bank of Ghana has urged the public to provide information about suspected money laundering and unexplained wealth cases.
According to the central bank, this would enable it to combat financial crimes, stop the sponsoring of terrorist groups, sanitise the banking industry and uphold the integrity of the country’s financial system.
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In a circular on money laundering as part of its efforts to promote financial literacy, the Bank of Ghana noted that money laundering can devastate the economy and security and have severe social consequences on nations, businesses, and individuals.
It explained money laundering as the process whereby money obtained through illegal means such as drug trafficking and corruption are legitimised through complex transactions to hide its illegal sources.
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The BoG stated that the illegal means by which the fund is obtained and the process of legitimising it are both illegal and punishable by law.
It stated that to ensure that funds being deposited at financial institutions are not laundered, depositors may be required to disclose and prove the source of funds at the said financial institution.
It noted that sudden unexplained wealth could result from money laundering; as such, one should be able to disclose and prove the source of the wealth satisfactorily to avoid prosecution.
Meanwhile, persons who allow their bank accounts to be used by third parties for transactions risk being prosecuted for money laundering or terrorist financing.
Thus, the central bank urged the public to refrain from allowing third parties to use their bank accounts for shady transactions.
Meanwhile, assets and properties obtained from money laundering can be confiscated, and owners can be prosecuted.
Hajia4Reall extradited to the US
In May of this year, socialite Mona Montrage Faiz, popularly known as Hajia4Reall, was extradited to the United States from the United Kingdom to face charges over an alleged $2 million romance scam.
Details of Hajia4Reall's case have emerged, indicating that she has been charged with six offences, among other things.
Prosecutors indicated that the singer was part of a syndicate operating in West Africa, described as the Enterprise.
Hajia4Reall is believed to have been part of the Enterprise from 2013 to 2019 and controlled bank accounts that received over $2 million in fraudulent funds from the Enterprise.
YEN.com.gh compiles a list of assets Mona acquired using fraud money
YEN.com.gh has compiled some assets believed to have been bought using money she obtained from her $2M romance scam.
Ghanaian social media influencer Mona Faiz Montrage, popularly known as Hajia 4Reall, has been arrested and is facing prosecution in the US.
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Source: YEN.com.gh
