Business News of Thursday, 11 November 2021
Source: www.ghanaweb.com
2021-11-11
The high court prosecutes offences under the anti-money laundering act 1044
• Ghanaians have been charged to be careful before falling prey to money laundering
• The high court prosecutes offences under the anti-money laundering act 1044
• The suspect can be jailed 10 years in prison
Financial Intelligence Centre (FIC) has on Thursday, November 11, 2021, sensitized journalists on anti-money laundering law.
The initial law before 2008 was linked to the narcotics trade.
It was to check whether Ghana has a legal framework and institutions to roll out the anti-money laundering law.
After Ghana put those systems in place, the second round was to test whether the laws and institutions were working but there were deficiencies.
These deficiencies led to the establishment of the anti-money laundering Act 1044.
It was noted that aside from the famous fraud cases classified as money laundering, extortion, piracy, tax evasion, counterfeiting currency, illicit arms, trafficking are also considered as money laundering.
FIC entreated Ghanaians to stay vigilant and ask questions anytime it involves money and property acquisition.
The Centre noted that a term of imprisonment of not less than 12 months and not more than 10 years.