You could be involved in money laundering unaware & be jailed

You could be involved in money laundering unaware & be jailed

1. Money laundering is 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.

2. Beware! Both the underlying illegal activities which produce the “dirty” money that has to be “washed or cleaned” and money laundering, which seeks to legitimize the proceeds of the illegal activities are punishable by law.

3. Money laundering and terrorism financing can have potentially devastating economic, security and social consequences for nations, businesses, and individuals.

4. 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.

5. In order to control money laundering and terrorist financing, 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

6. Financing of terrorism is a crime and 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.

7. 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 sources of wealth.

8. Do you know that assets and properties acquired with the proceeds from money laundering activities can be confiscated, and you prosecuted? Be advised!

Getting involved unaware

8. Do not 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 a crime and punishable by law.

You must avoid using your bank account or avoid using other means to receive money on behalf of people since may not be honest enough to brief you about the true source of the funds.

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