Money Laundering: The Bank of Ghana Cautions Against Letting a Third Party Receive or Send Money through your Bank Account

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Bank of Ghana warns against third-party money transactions to prevent money laundering. Stay informed on financial security measures.

The Bank of Ghana has cautioned the public against allowing third parties to handle funds through their bank accounts, as it could inadvertently aid in money laundering or terrorist financing, which are punishable offenses.

The central bank emphasized that providing funds for terrorist activities constitutes financing terrorism, a serious crime under the law. It also highlighted the risks associated with sudden unexplained wealth, which could indicate involvement in money laundering and lead to prosecution. Furthermore, the Bank detailed the process of money laundering, warning that both the illegal activities generating the funds and the laundering process itself are subject to legal penalties.

Additionally, it underscored the detrimental impact of money laundering and terrorist financing on economies, security, and society. To combat these illicit activities, the Bank outlined the responsibilities of banks and financial institutions in scrutinizing and verifying the sources of funds involved in transactions.

Inforgraphic of Money Laundering; BOG

Sources: 3news


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