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Tag: money laundering

  • You will be forced to account for unexplained wealth – BoG tells public in fight against money laundering

    You will be forced to account for unexplained wealth – BoG tells public in fight against money laundering

    Ghana’s central bank has shed light on the potential repercussions individuals face when possessing sudden unexplained wealth, a situation often linked to money laundering, which could lead to incarceration upon prosecution.

    According to the latest Financial Literacy document released by the Bank of Ghana, individuals with sudden unexplained wealth are expected to furnish satisfactory explanations regarding the origins of their assets to relevant authorities.

    The bank cautioned the public to exercise caution when handling funds received from third parties via their bank accounts, emphasizing the potential legal ramifications.

    “Sudden unexplained wealth could be as a result of money laundering and you could be prosecuted. Be sure to be in a position to satisfactorily explain your source of wealth.

    “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.

    The document emphasized that sudden unexplained wealth may be indicative of money laundering, a process through which unlawfully obtained money is laundered through intricate transactions to conceal its illegal origins.

    Additionally, the document highlighted the offense of ‘Terrorism Financing,’ warning of its severe economic, security, and social consequences for nations, businesses, and individuals.

    It stressed that financing terrorism is a punishable crime and individuals should not become conduits for such activities.

    “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.

    Furthermore, the bank underscored the importance of disclosing and substantiating the sources of funds used in transactions at all licensed and regulated financial institutions under the purview of the Bank of Ghana.

    Ghana’s commitment to combatting money laundering and terrorism financing was reinforced with the enactment of the new Anti-Money Laundering Act, 2020 (Act 1044) on December 29, 2020. This legislation consolidates laws related to the prohibition of money laundering and imposes strict penalties, including fines and imprisonment, for various money laundering infractions.

  • Bobrisky charged with money laundering and naira mutilation

    Bobrisky charged with money laundering and naira mutilation

    Nigeria’s Economic and Financial Crimes Commission (EFCC) has initiated legal action against Idris Okuneye, widely known as Bobrisky, on charges related to naira mutilation and money laundering.

    Bobrisky’s arrest followed a video capturing him spraying bundles of cash at the premiere of Eniola Ajao’s ‘Beasts of Two Worlds’ movie on March 24, 2024.

    Under Nigerian law, tampering with the Naira note or coin constitutes an offence punishable by law.

    In a press release detailing the charges, the EFCC disclosed that their investigation revealed multiple instances of Bobrisky tampering with the Naira in 2023, in addition to the March 24 incident.

    “Bobrisky, in the first count, is alleged to have tampered with the sum of N400,000 by spraying the same while dancing at a social event at the IMAX Circle Mall, Lekki, Lagos. In count two, Bobrisky, between July and August 2023 at Aja Junction, Ikorodu, also tampered with another sum of N50,000 by spraying the same at a social event while dancing,” the statement read.

    The EFCC added that “in count three, Bobrisky, in December 2023 at White Steve Event Hall, Ikeja also sprayed and tampered with another sum of N20,000 while dancing.”

    Count four also alleges that Bobrisky sprayed and tampered with a sum of N20,000 while dancing at another event in Oniru, Victoria Island.

    While Bobrisky was initially arrested on suspicion of tampering with the naira, the EFCC has now added additional charges of money laundering.

    The agency stated that Bobrisky failed to report the activities of a company he established called the Bob Express to the appropriate institutions.

    EFCC further revealed that large sums of money were deposited into the accounts of the company on different occasions, raising suspicions.

    “In count five, Bobrisky, while trading under the name and style of Bob Express between 1 September 2021 and 4 April 2024 in Lagos, failed to submit to the Special Control Unit Against Money Laundering a declaration of the activities of the said company, (Bob Express), within which period the total sum of N127.7m was paid into the company account domiciled with Ecobank.”

    “In count six, Bobrisky is also accused of failing to submit a declaration of the activities of the company within the same period when another N53 million was paid into the company’s account, thereby committing an offence contrary to Section 6(1)(a), and Section 19(1) (f) of the Money Laundering (Prevention And Prohibition) Act and punishable under Section 19 (2) (b) of the same Act.”

    In an earlier press statement announcing the arrest, Dele Oyewale, the spokesperson for the EFCC said “Bobrisky is with us. He was arrested last night in Lagos, and he is at our Lagos command.”

    “We arrested him for alleged abuse of naira notes, spraying of naira notes, and currency mutilation, among others. We are very serious about restoring the dignity of the naira. Though our investigation is still ongoing, he will definitely be charged to court soon,” Mr Oyewale added.

    This, however, occurs only two months after Oluwadarasimi Omoseyin, a Nigerian actress, was found guilty of trampling on and spray-painting fresh naira notes during an event.

    On February 1, 2024, she was placed under custody following the viral social media footage of her dousing some fresh Naira notes.

    According to a statement made by Mr. Oyewale, the EFCC spokesperson, the trial judge, Chukwujekwu Aneke, sentenced her to six months in prison on February 2, 2024, with the possibility of a N300,000 fine.

  • “We neither confirm nor deny investigations” – UK Customs on alleged £15 million seizure from Ghana

    “We neither confirm nor deny investigations” – UK Customs on alleged £15 million seizure from Ghana

    The rumour of the seizure of £15 million from a politically exposed person in Ghana by law enforcement agencies in the United Kingdom (UK) has been circulating on social media for more than a week.

    “Dark rumours circulating in Accra of a politically exposed Ghanaian bigshot knocking heads with British airport customs about millions of sterling being moved through the UK without the necessary paperwork. Frantic digging for trusted sources all over,” the originator of the claim, Bright Simons, stated on X.

    Following Bright Simon’s post, some media houses including Citinewsroom, Daily Guide Network, Asaase Radio, Modern Ghana and Peace FM published reports indicating that the UK authorities have denied seizing any monies.

    “Following checks by Citi FM from both agencies to verify the claims, the two agencies stated that they have no record of any such amount seized from any Ghanaian,” the March 18, 2024, Citinews report said.

    Fact-Check Ghana sent the UK’s His Majesty’s Revenue & Customs (HMRC) office questions on Monday, March 18, 2024.

    In response to Fact-Check Ghana on Wednesday, March 20, 2024, the HMRC says it could not confirm or deny investigations into the matter.

    “We neither confirm nor deny investigations,” the email response signed by Ashleigh Prince, Press Officer – Law Enforcement, HMRC stated.

    Security expert Colonel Festus Aboagye (Retired) says the response from the HMRC could mean that “given the sensitivity of the case, the authorities may not want to jeopardize the investigations, if any.”
    “It can also mean they don’t have enough information or evidence to definitely confirm or refute the claim or statement. It indicates ambiguity or lack of clarity to acknowledge the uncertainty rather than making a definitive statement without proper evidence,” he said.

    The United Kingdom’s His Majesty’s Revenue and Customs (HMRC) is the tax authority of the U.K. government. The agency is responsible for collecting taxes, paying child benefits, regulating tax and customs laws, and enforcing the payment of minimum wage by employers. According to the HMRC, it has a range of powers and specialist investigation capabilities that enable it to uncover even the most complex and determined frauds and bring the perpetrators to account. The agency also tackles international tax crime and money laundering.

    Source: Fact Check Ghana

  • UPSA, FIC hold anti-money laundering and terrorism financing conference on March 21

    The Faculty of Finance and the Financial Intelligence Center will host a conference on financial crime on March 21, 2024.

    The conference aims to provide participants with a comprehensive understanding of money laundering and terrorism financing, their implications, and strategies to combat them.

    It will cover various aspects, including definitions, typologies, key stages, and legal frameworks governing anti-money laundering (AML) and combating the financing of terrorism efforts. Case studies and real-world examples will be used to illustrate practical applications.

    The training is crucial due to the global impact of money laundering and terrorist financing, which affect economies, the financial sector, and society. Increased efforts are being made globally to combat these crimes.

    The conference will educate participants and the public about these issues, enabling institutions to raise red flags when they suspect such activities. It will also highlight anti-money laundering measures and the role of stakeholders in fighting these illicit acts.

    The two-day training will cover themes such as understanding money laundering and terrorism financing, types of money laundering, institutions exposed to money laundering, dangers in Ghana, global measures, and Ghana’s measures to curb these crimes.

  • UK Financial Intelligence Unit denies arresting Ghanaians for laundering £15M

    UK Financial Intelligence Unit denies arresting Ghanaians for laundering £15M

    The UK Financial Intelligence Unit and the Border Agency are reported to have refuted claims suggesting that £15 million has been seized from an individual from Ghana.

    Earlier, Vice President of IMANI Africa, Bright Simons, revealed that it is rumoured that a Ghanaian bigshot was battling with British Airport customs over some millions being moved through the UK without the necessary paperwork.

    Following this, a prominent member of the ruling New Patriotic Party (NPP) was said to have been arrested in the UK with £15 million confiscated from him.

    Now, Citi FM reports that both agencies say they have no record of such an amount being impounded from any Ghanaian.

  • OSP has handed Cecilia Dapaah’s docket to us – EOCO Boss

    OSP has handed Cecilia Dapaah’s docket to us – EOCO Boss

    The Executive Director of the Economic and Organised Crime Office (EOCO), Maame Yaa Tiwaa Addo-Danquah, has confirmed the receipt of the docket pertaining to the alleged money laundering case involving former Sanitation Minister, Cecilia Dapaah.

    While acknowledging that the Office of the Special Prosecutor(OSP) has officially submitted the docket,Madam Addo-Danquah stated that she is currently in the process of reviewing it.

    In an interview with 3News she stated that “I have that, and we are now reviewing. At the appropriate time, we will speak about it. I am not well-briefed about the docket, so I don’t want to make any comment on it until we review it. The most important thing is that he has handed over; I don’t have anything more to add”.

    When questioned about the contract awarded by the Ghana Revenue Authority to Strategic Mobilization Limited (SML), Addo-Danquah emphasized that she refrains from discussing matters she is not well-briefed on.

    Recalling events from January 25, the Office of the Special Prosecutor (OSP) transferred the Cecilia Dapaah case to EOCO, with Special Prosecutor Mr. Kissi Agyebeng highlighting the focus on money laundering falling within EOCO’s mandate.

    Approximately 11 months ago, the OSP initiated an investigation into then Sanitation Minister Cecilia Abena Dapaah after reports of substantial sums being stolen from her residence by domestic staff. Cash sums ranging from $590,000 to 2.7 million cedis were discovered at various residences linked to Dapaah, leading to the freezing of her bank accounts.

    Despite an unsuccessful attempt to secure court approval, the OSP retained control of the funds and sought court confirmation. However, on January 25, the OSP announced the discontinuation of the case, citing extensive collaborative investigations within and outside Ghana.

    “The Office has determined that the crime borders largely on money laundering, which falls within the mandate of EOCO,” he said.

  • Suspected money laundering: OSP refers Cecilia Dapaah’s case to EOCO for further investigations

    Suspected money laundering: OSP refers Cecilia Dapaah’s case to EOCO for further investigations

    Special Prosecutor (SP), Kissi Agyebeng, has officially referred the case involving former Minister of Sanitation and Water Resources, Cecilia Dapaah, to the Economic and Organized Crime Office (EOCO) for further investigations into suspected money laundering. 

    This decision comes in the wake of revelations that a significant portion of the substantial amounts of cash found at Dapaah’s residence, along with funds in her bank accounts, may have been repatriated from abroad.

    Mr. Kissi Agyebeng, disclosed at a press conference held on Thursday, January 25, 2024, that the investigation took a cross-border turn when individuals of interest claimed that part of the seized cash was transported to the United States. 

    The Federal Bureau of Investigation (FBI) subsequently joined forces with the Office of the Special Prosecutor (OSP) to delve into the matter.

    More soon…

  • OSP intensifies probe into Cecilia Dapaah, sights money laundering

    OSP intensifies probe into Cecilia Dapaah, sights money laundering

    Special Prosecutor, Kissi Agyebeng, has issued the half-year report for the year 2023 in compliance with the laws governing the office.

    The 20-page report, dated December 29, 2023, provides updates on various cases under investigation or prosecution.

    One of the cases highlighted in the report is the Cecilia Dapaah scandal. The Special Prosecutor is currently investigating Cecilia Dapaah, a former Minister of Sanitation and Water Resources, and her spouse, Mr. Daniel Osei-Kufour, for suspected corruption and corruption-related offences.

    The investigation is focused on significant amounts of money, mainly in foreign denominations, and other valuable items discovered in their apartment.

    According to the latest report, the Special Prosecutor indicated that the investigations primarily revolve around suspected money laundering and structuring

    “By operation of law, there are other law enforcement agencies that are reposed with a direct mandate in respect of money laundering and structuring. On that score, the Special Prosecutor will issue directives and further action on the matter in due course,” the OSP added.

    Background

    The Office started its probe in July 2023 after news broke that domestic helpers of Cecilia Dapaah had stolen millions of dollars in cash involving local and foreign currencies.

    While the domestic helpers were undergoing investigation and prosecution, the OSP started probing Cecilia Dapaah and her husband, Mr. Daniel Osei-Kufour, in a bid to unravel the source of the money.

    After searching their Abelenkpe residence, the OSP later froze a number of the former minister’s bank accounts.

    “The investigation has been largely aimed at determining the source(s) of the large cash sums. The office took several steps, including freezing Ms. Dapaah’s bank accounts and investments and seizing large sums from the residence of Ms. Dapaah and her spouse. Upon the refusal by the High Court to confirm the freezing and seizure orders, the Office re-seized the cash sums, re-froze the bank accounts and investments and applied to the court again for confirmation in FT0074/2023, The Special Prosecutor v. Cecilia Abena Dapaah & Daniel Osei-Kufour.”

    “From October 2023, the investigation became cross-border and transboundary upon the claim by the persons of interest that part of the seized cash sums was transported into the jurisdiction from the United States. For that reason, the Federal Bureau of Investigation (FBI) of the United States became involved in collaborative investigative work with the OSP on the matter.”

    In October 2023, the Special Prosecutor revoked the freezing order in respect of five (5) bank accounts of Ms. Dapaah, which were eliminated from the focus of the investigation as no longer suspected to be tainted property.

  • Take centre stage in fight against money laundering – Information Minister charges media

    Take centre stage in fight against money laundering – Information Minister charges media

    Minister of Information Kojo Oppong-Nkrumah has called on the media to take the lead in educating and informing the public about the dangers of money laundering and terrorist financing.

    Speaking at a sensitization workshop for journalists organized by the Inter-Governmental Action Group against Money Laundering, a specialized institution of ECOWAS, Mr Oppong-Nkrumah highlighted that these illicit activities divert resources from essential economic activities, worsen income inequalities, and signal weaknesses in the country’s regulatory and governance framework, deterring foreign investors.

    The Information Minister emphasized the importance of the media in educating the public about the consequences of such practices and how individuals can contribute to preventing them.

    “As the fourth estate of the realm good quality journalism can shed light on the activities of money laundering and terrorist financing and how government. This can also push the government to strengthen its anti-money laundering measures. If the media takes centre stage in the education this will also provide a platform for whistle-blowers to volunteer information on these menace,” the Minister said.

    Referring to a recent incident in Northern Ghana where the attempt to apprehend individuals suspected of affiliations with a terrorist group was obstructed by the local youth, leading to an attack on national security operatives, the Information Minister emphasized the need for increased awareness.

    “The culture of monetizing every aspect of our national lives from religion, through sports, politics and social standings needs to be re-examined and with the right tools, media outfits will not bastardize every successful person nor blindly promote just anything. The capacity enhancement of media persons is key in ensuring that sensitization on this menace is done,” Mr Oppong-Nkrumah added.

    On his part, the President of the Ghana Journalists Association, Albert Dwumfour, has expressed satisfaction with plans to establish GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) desk offices in selected media outlets. This initiative aims to ensure that the fight against money laundering and terrorist financing is effectively carried out at all levels.

    “It will be a good initiative to see the establishment of GIABA desk offices in some selected media houses in the country. As the GJA we are strongly behind the move,” Mr Dwumfour said.

    Timothy Malaye, representing the Director-General of GIABA, Edwin W. Harries Jnr, highlighted the agenda of ensuring that member states take the lead in the fight against money laundering and terrorist financing. He emphasized that the components of GIABA, including protecting member states’ economies from these illicit activities, will be held in high esteem.

    “GIABA’s core mandate which includes ensuring that member states economies are free from money laundering and terrorist financing will be held in high esteem. The Economic Community of West African States considers this particular event an essential one because of the impact it will make representative of the Director General of GIABA said.

    “As GIABA the best way to fight this menace is to equip journalists with knowledge with the right tools to report money laundering and other financial crimes to ensure that we have a safe society to live in. We expect that this will be a springboard to champion this agenda adding that sharing of information is essential to winning this fight.

    “We must also note that the anti-draft fight cannot be effective without the active involvement of the media. It is not a task for journalists alone but all stakeholders”Timothy Malaye said.

  • NAM 1 refutes 39 charges of fraud, money laundering; pleads not guilty in court

    NAM 1 refutes 39 charges of fraud, money laundering; pleads not guilty in court

    The Chief Executive Officer (CEO) of the now-defunct Menzgold Ghana Limited, Nana Appiah Mensah, has entered a plea of not guilty to face 39 charges brought against him.

    These charges relate to his alleged involvement in defrauding several Ghanaians to the tune of GHC 1.68 billion.

    During a court appearance on Tuesday, Nana Appiah Mensah, popularly referred to as NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult, were collectively charged with 39 counts.

    These charges encompass 22 counts of defrauding by false pretense, seven counts each of money laundering and fraudulent breach of trust, along with additional counts for inducement to invest, operating an unlicensed deposit-taking institution, and selling gold without proper licensing.

    According to the case’s details, Nana Appiah Mensah, acting through Menzgold Ghana Limited and Brew Marketing Company, allegedly persuaded Menzgold customers to part with GHC 1.68 billion. Some of these funds, as indicated in the charge sheet, were transferred to personal accounts belonging to NAM1, Zylophone Media, and an individual named Abigail Mensah.

    Furthermore, Nana Appiah Mensah is accused of utilizing his media firm, Zylophone Media, to launder money that he knew to be proceeds of criminal activity.

    Mr. Appiah Mensah is facing a total of 36 charges, which include abetment, defrauding by false pretences, conducting deposit-taking business without a license, unlawful deposit-taking, money laundering, and other related offenses.

    Thus represents a reduction from the initial 61 charges that were filed against him, a change that occurred after Attorney General Godfred Yeboah Dame submitted new charges on August 30.

    The legal proceedings against NAM 1 commenced in 2019, with accusations of defrauding numerous customers through his gold dealership company, resulting in substantial financial losses.

    The case has encountered several adjournments until fresh charges were brought forward on Wednesday, August 30, 2023.

    The amended charges followed Mr. Appiah Mensah’s announcement of intentions to release funds that had been locked up to Menzgold customers, contingent on the payment of approximately GH₵650 for verification purposes.

    However, he subsequently reversed his decision to require former clients to purchase a verification Access Card for transaction validation and claims verification, following strong opposition from his customers and the public.

  • I am waiting for GREDA to take me to court so I can expose their rots – Sam George

    I am waiting for GREDA to take me to court so I can expose their rots – Sam George

    Member of Parliament for Ningo-Prampram, Sam Nartey George, has challenged the Ghana Real Estate Developers Association to execute their threat of lawsuit over money laundering claims he leveled against stakeholders .

    Speaking on JoyNews’ Newsfile on Saturday, July 22, the MP stated that the real estate industry in Ghana is a hoax used to cover up money laundering activities happening in the country.

    “The real estate business in Ghana is money laundering. The cost of real estate in Ghana is not justifiable by any stretch.

    “You keep seeing all these new high-rise buildings going up and they are selling them for half a million dollars, and they keep buying among themselves,” he said.

    Explaining how alleged money laundering works in the real estate business, he stated that several parties in the industry engage in buying and selling in order to convert their “dirty money” into “clean money.”

    His comments did not sit well with stakeholders in the real estate industry.

    The Executive Council of the Ghana Real Estate Association (GREDA) demanded an apology and a retraction of the allegation within seven days in a letter dated  July 25, 2023.

    In response to the letter, Mr Nartey George refused to render an apology. He stood by his words.

    “Let me start by stating that I have absolutely no intention to render an apology, qualified or not, nor make any retraction. As a public office holder, I am minded first by my fidelity to the truth, my conscience and the general wellbeing of the Ghanaian people. These considerations in my opinion supersede the whims of any individual or specific grouping,” he noted in a release dated July 26.

    It was expected that following the expiration of the ultimatum, Mr Sam George would be in court, however that is not the case.

    Calling the bluff of GREDA in an interview on JoyNews on August 8, the Ningo-Prampram legislator, dared the Association to come after him as promised. The MP threatened to let the cat out of the bag should GREDA make an attempt to fight his claims.

    “I’ve spoken about money laundering in this country and I am still waiting for GREDA, Ebo Bournful and his people. It has been more than 7 days. You said you were taking me to court. I am waiting for you. Whether court or Privileges Committee.

    “I am waiting for you so that I will expose and the rot that is going on there since you people say you want to fight me. I’ve spoken about money laundering in real estate and don’t forget you are having Ministers of state who have millions of dollars sitting in their houses. They need to clean up the money,” he said.

  • “Ghana’s real estate industry engages in money laundering” – Sam George claims

    “Ghana’s real estate industry engages in money laundering” – Sam George claims

    Member of Parliament for Ningo Prampram, Sam Nartey George, has expressed deep concerns about the legitimacy of certain real estate businesses operating in the country.

    The lawmaker raised alarm over how the real estate sector has turned into a safe haven for individuals to launder money obtained through illicit means and activities.

    During an appearance on the July 22nd edition of Joy News’ File, Sam George lamented the inflated pricing of real estate properties and high-rise buildings, which are often sold at exorbitant prices.

    He suggested that those involved in money laundering schemes within the real estate sector frequently use these properties as a means to effectively ‘clean’ illicit funds by exchanging ownership among themselves.

    “Real estate business in Ghana is money laundering. If our authorities want to deal with it, they will deal with it,” Sam George lamented.

    He explained that “the cost of real estate in Ghana is not justifiable by any stretch. You keep seeing all these new high-rise buildings going up and they are selling them for half a million, a million dollars and they keep buying and buying amongst themselves.”

    “…I have dirty money to clean, I put up a real estate property, you have dirty money you come and buy the property from me and then automatically your money becomes clean, then tomorrow you also start building your own then I come back and buy and we are just cleaning the money,” Sam George added.

    The Ningo Prampram MP went on to say that the money made from these unlawful acts is then utilized to support political campaigns and other things.

    His comments follow a recent newspaper article from The Chronicle that described how Cecilia Abena Dapaah, a former minister of sanitation, kept enormous amounts of foreign currency in her residence, which were later taken by her two maids.

  • Real Estate business in Ghana is money laundering – Sam George

    Real Estate business in Ghana is money laundering – Sam George

    Ningo-Prampram legislator, Sam Nartey George has alleged that the real estate industry in Ghana is a hoax used to cover up money laundering activities happening in the country.

    The Anti-Money Laundering Act defines money laundering as engaging in any transaction that involves proceeds of a crime, with the intent to conceal the illegal origin of such funds or to help a person involved in criminal conduct to evade legal consequences.

    The MP made the allegations while contributing a conversation hovering around the millions of dollars and cedis looted from the home of the Sanitation Minister, Cecilia Dapaah on JoyNews’ Newsfile on Saturday, July 22.

    He based his allegation on the exorbitant prices of houses built by real estate companies. According to Mr Nartey George, he finds it outrageous that a house is sold for half a million dollars in Ghana.

    “The real estate business in Ghana is money laundering. The cost of real estate in Ghana is not justifiable by any stretch.

    You keep seeing all these new high-rise buildings going up and they are selling them for half a million dollars and they keep buying among themselves,” he said.

    Explaining how alleged money laundering works in the real estate business, he stated that several parties in the industry engage in buying and selling in order to convert their “dirty money” into “clean money.”

    “So I have dirty money to clean, I put up a real estate property. You also have dirty money, you come and buy the property from me then automatically, your money becomes clean. Then tomorrow you also start building your own then I come back and buy and we are just cleaning the money,” he stated.

    According to the Ningo-Prampram MP, much has not been done to halt such activities due to a decision by authorities allow such actions continue.

    “If our authorities want to deal with it, they will deal with it,” he noted.

    The key legislation governing money laundering in Ghana is the Anti-Money Laundering Act, 2008 (Act 749). Additionally, the Financial Intelligence Centre Act, 2008 (Act 768) and the Narcotics Control Commission Act, 1990 (PNDCL 236) are also relevant in the fight against money laundering.

    Per the Anti-Money Laundering Act, a person commits an offence of money laundering if the person knows or ought to have known that property is or forms part of the proceeds of unlawful activity and the person:
    (a) converts, conceals, disguises or transfers the property,
    (b) conceals or disguises the unlawful origin of the property, or
    (c) acquires, uses or takes possession of the property.

    A person found culpable and is liable on summary conviction to a fine of not more than five thousand penalty units or to a term of imprisonment of not less than twelve months and not more than ten years or to both.

    Source: The Independent Ghana

  • Meet the Canadian ‘Gold mafia’ who helps Russians launder money

    Meet the Canadian ‘Gold mafia’ who helps Russians launder money

    An Al Jazeera investigative report has uncovered how a Canadian national, resident in Dubai, helps Russians launder money.

    Alistair Mathias, a Gold trader and Financial architect who builds money laundering schemes for corrupt politicians, is a member of a gold smuggling syndicate that also launders money out of the African Continent.

    According to him, he has been engaged in money laundering activities for over a decade of which corrupt politicians in Russia are among his clients.
    “I’ve been doing it for 13 to 14 years,” he said.

    Speaking to investigative reporters from Al Jazeera who had posed as Chinese criminals to help his syndicate launder money from China he further disclosed that he smuggles about $40 million worth of gold out of Ghana on a monthly basis.

    “In Ghana I do one ton. I do $ 40 million every month out of Ghana. This region I do probably 500 to one ton again. So I do roughly about $70 to $80 million every month.

    Recall that Alistair Mathias in 2017 was in the news after he was exonerated by the Court of Appeal in the United Arab Emirates over fraud allegations.

    He had been accused of fraud by Ghanaian partner, Henry Osei however, after the ruling he the court dismissed as unsubstantiated and frivolous the allegations of fraud made against him.

    Fast forward, March 2023, Al Jazeera has released an expose in which he confessed to engaging in money laundering.

    In the investigative piece dubbed ‘Gold Mafia’ it was revealed that Alistair and his partners have business networks that stretch across the African continent and operate in many other countries including Ghana, Zambia, etc.

    He was described by the investigative reporters as a financial architect who builds money laundering schemes for corrupt politicians.

  • PDP member arrested by Nigerian Police over alleged money laundering

    PDP member arrested by Nigerian Police over alleged money laundering

    House of Representatives member representing Port Harcourt Constituency 2, at the National Assembly, Chinyere Igwe, has been apprehended by operatives of the Rivers State Police in Nigeria for alleged money laundering.

    He was picked up on Thursday night in a stop and search operation on Port Harcourt-Aba expressway while driving home

    Spokesperson of the state police command, SP Grace Iringe-Koko, on Friday, revealed that the sum of $498,100, was recovered from the suspect.

    http://backend.theindependentghana.com/what-it-means-for-nigeria-if-peter-obi-becomes-president/

    She said: “Police Officers from Rivers State Command deployed to INEC Headquarters Aba Road today 24/2/2023 at about 0245hrs, while on stop and search, arrested one Hon Chinyere Igwe, member House of Representatives representing Port Harcourt II Federal Constituency with a cash sum of 498,100 USD inside a bag in his car.

    “Also recovered was a list for distribution of the money. The AIG Election, AIG Abutu Yaro fdc, has ordered swift interrogation and arraignment in court.

    “The Command urges all contestants and political parties to comply strictly with provisions of the Electoral Act and other relevant laws.”

  • Russian businessman arrested in oligarchs investigation

    A Russian businessman has been arrested at his multi-million-pound London home by officers investigating potential criminal activity by oligarchs.

    The man, 58, was held on suspicion of money laundering, conspiracy to defraud the Home Office and conspiracy to commit perjury.

    A 35-year-old man was arrested on suspicion of money laundering.

    He was also arrested for obstructing an officer when trying to leave with a bag containing thousands of pounds in cash.

    A third man, 39, who is the former boyfriend of the businessman’s current partner, was arrested at his home in Pimlico, central London, for offences including money laundering and conspiracy to defraud.

    The National Crime Agency (NCA) said more than 50 officers from its Combatting Kleptocracy Cell were involved in the operation at the businessman’s property, where a number of digital devices and a significant quantity of cash was seized following a search.

    Graeme Biggar, director general of the NCA, said the unit, which was established this year, was having “significant success investigating potential criminal activity by oligarchs”.

    He added: “We will continue to use all the powers and tactics available to us to disrupt this threat.”

    All three of the arrested men, who have not been named by the NCA, have been released on bail.

    The NCA said it was the latest operation carried out as part of its efforts to disrupt the activities of corrupt international business figures and their enablers.

    Almost 100 “disruptions” – actions that remove or reduce a criminal threat – have been carried out against Putin-linked elites and their enablers, including account freezing orders (AFOs) over accounts held by people closely linked to sanctioned Russians, according to the NCA.

  • Ghanaian woman caught in €4,000 money laundering scheme in Ireland spared jail time

    A Ghanaian woman living in Ireland, Roberta Appiah, who was caught helping to launder over €4,000 through the purchase of expensive items in shops in Dublin, has been spared jail time.

    Roberta Appiah, a 38-year-old mother, was caught in December 2020 with Louis Vuitton boots, as another person involved in the scheme went around shops in Dublin spending monies acquired through fraud on expensive electronics, clothes and other goods, sundayworld.com reports.

    According to the report, the Ghanaian woman was arrested after she was identified on a surveillance camera with earphones.

    After her arrest, the police reported that designer boots, Louis Vuitton boots, were found in her home.

    Roberta Appiah, was arraigned before the Dublin District Court where she pleaded guilty to money laundering offences in five shops in Dublin, including the Curry’s PC World, Jervis Street; iConnect, Henry Street; Brown Thomas on Grafton Street; Centra on Dame Street and Circle K, Ballymun.

    The Dublin District Court judge who presided over the case, Judge Bryan Smyth, gave Appiah a nine-month suspended sentence after she (Appiah) pleaded that she was not the main player.

    Robertha Appiah told the judge that she was manipulated into taking part in the scheme.

    During the court hearing, it was indicated that the Ulster Bank had reported an account where money was transferred following an invoice redirect.

    It was disclosed that the said bank account was not in the control of Appiah.

    “A subsequent spending spree involved one spend at Curry’s on goods including a laptop and earphones valued at €1,437.

    “Some €1,531 was spent at iConnect and €1,400 at Brown Thomas.

    “There were two spends of €14 at Centra and Circle K, where cigarettes were bought.”

    The accused accepted she was present during the spending and benefited from them.

    Source: www.ghanaweb.com

  • Audio of government official involved in money laundering fake National Cyber Security Centre

    The National Cyber Security Centre (NCSC) says an audio recording circulating on social media suggesting that a Ghana Government official has been caught laundering cash into the United Kingdom is fake.

    According to the NCSC, its “forensic analysis” has revealed that the said audio, which is purported to have come from an international news outlet, was computer-generated.

    The NCSC explained that the individuals involved used available technologies for fictitious audio-visual creation and manipulation.

    In a statement copied to GhanaWeb, the NCSC informed the general public that it is working with the Police CID and other security agencies to identify the source of the audio recording and bring the perpetrators to book.

    “The public is thereby reminded that production of such information is a crime under section 115 of the Electronic Transaction Act and section 159 of the criminal offences Act,” the statement said.

    It continued: “NCSC wishes to draw the attention of the public that circulating such fictitious content breached the law under Section 76 of the Electronic Communications Act, 2008 (Act 775) [which states]:

    “(1) A person who by means of electronic communications service, knowingly sends a communication which is false or misleading and likely to prejudice the efficiency of life saving service or to endanger the safety of any person, ship, aircraft, vessel or vehicle commits an offence and is liable on summary conviction to a fine of not more than three thousand penalty units or to a term of imprisonment of not more than five years or both.

    “(2) A person is taken to know that a communication is false or misleading if that person did not take reasonable steps to find out whether the communication was false, misleading, reckless or fraudulent.”

    The NCSC therefore urged the general public and mainstream media to be on a lookout for false news and other similar viral videos and audios.

    Read below the full statement.

    The attention of the National Cyber Security Centre (NCSC) has been drawn to an audio circulating on social media purporting to be a news report from an international news outlet suggesting that a Ghana Government official has been caught laundering cash into the UK.

    Forensic analysis by the National Cyber Security Centre reveals the audio was computer-generated using available technologies for fictitious audio-visual creation and manipulation. The Centre is working with the Police CID and other security agencies to identify the sources of this and other false materials being generated and bring them to book.

    The public is hereby reminded that production of such information is a crime under Section 115 of the Electronic Transactions Act, 2008 (Act 772) and Section 159 of the Criminal Offences Act, 1960 (Act 29). The NCSC wishes to draw the attention of the public that circulating such fictitious content breaches the law under Section 76 of the Electronic Communications Act, 2008 (Act 775):

    (1) “A person who by means of electronic communications service, knowingly sends a communication which is false or misleading and likely to prejudice the efficiency of life saving service or to endanger the safety of any person, ship, aircraft, vessel or vehicle commits an offence and is liable on summary conviction to a fine of not more than three thousand penalty units or to a term of imprisonment of not more than five years or both.

    (2) “A person is taken to know that a communication is false or misleading if that person did not take reasonable steps to find out whether the communication was false, misleading, reckless or fraudulent.” Law enforcement agencies have therefore been alerted about the ongoing circulation of the audio and offenders would be arrested and prosecuted under the law.”

    The general public and mainstream media outlets are hereby advised to be on the lookout for false news items and similar fake productions circulating virally with the hope that it will be carried into mainstream media. These are common interference tactics especially generated during election seasons globally.

    The public is hereby advised to report such suspected information or incident in circulation on social media or any digital platform to the National Cyber Security Centre through the Cybercrime/Cybersecurity Incidents Points of Contact (call or SMS 292).

    The Ministry of Communications through the National Cyber Security Centre (NCSC) working in collaboration with the Ministry of Information and other relevant security agencies are committed to ensuring a safer cyber space for all Ghanaians.

    Signed

    National Cyber Security Centre

    info@cybersecurity.gov.gh

    +233503185846

    Source: www.ghanaweb.com

  • Ghana, 3 other African countries blacklisted by EU over money-laundering

    The European Union has added 12 countries to its money-laundering blacklist, putting their financial transactions under greater scrutiny.

    They include Botswana, Ghana, Mauritius and Zimbabwe.

    Others are Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia and Myanmar.

    Once approved by the European Parliament the list will come into force in October.

    The commission Vice-President Valdis Dombrovskis said the EU needed to put an end to dirty money infiltrating its financial system.

    Of the 22 blacklisted countries, only North Korea has refused to commit to trying to tackle the problem.

     

    Source: BBCÂ