Bank of Ghana on money laundering: Says it takes oversight responsibility very seriously
In response to media reports about increasing rates of money laundering into Ghana, the Bank of Ghana says it takes its oversight responsibility over the banking and financial system seriously and has in place a regime for regulating money transmission services in Ghana.
According to the central bank, the system involves the licensing of banks and approval of partnerships between banks and money remittance companies such as Western Union Money Transfer, Vigo, and Moneygram.
“Apart from the banks, the Bank of Ghana has also licensed a number of non-bank financial institutions which are authorized to deal in money remittance business,” it says.
In a press release issued Monday August 15, 2011 and copied to ghanabusinessnews.com, the Bank says it receives regular information from the banks and remittance companies on their activities and pays supervisory visits to these institutions periodically, adding that data from the banks and the money transfer companies indicate a steady growth in inward remittances.
“Remittances,” it says “include transfers to NGOs, embassies, service providers and individuals. Between January and May 2011, remittances that came through the banking system reached US$7.1 billion (from US$4.2 million a year before), of which $745 million accrued to individuals.”
The central bank however indicated that it is aware that some remittances into Ghana may be coming through informal sources such as through personal couriers but it is not aware that the scale is that massive or that such remittances are laundered money, which is the impression the research findings seems to create.
“The Bank is very much concerned about the impression being created that all private remittances are necessarily illegal or are laundered money and that the Bank of Ghana is helpless or unconcerned about the phenomenon. Accordingly, the Bank will appreciate the Institute sharing any such information in its possession with the Bank and the security agencies to enable us deal appropriately with the matter,” it says.
The Bank advised the general public to share any information they may have on persons and institutions engaged in money transfer services without authorization from the Bank of Ghana, saying that “the Bank will publish a list of approved money remittance companies and services on its website and in the print media for the guidance of the general public.”
By Emmanuel K. Dogbevi