Koforidua-Ghana, Sept. 01, GNA – Mr Francis Abudu Zimmaleh, a chartered accountant and consultant, has called on the Government to address money laundering as a critical national concern to combat corruption.
He highlighted the devastating impact of money laundering on Ghana’s economy, noting that it hampers foreign investments and undermines the country’s integrity.
“Urgent action is needed to strengthen regulatory frameworks, enhance collaboration between law enforcement agencies, and raise public awareness to combat this growing threat,” he said.
In an interview with the Ghana News Agency, Mr Zimmaleh said the severity of the issue called for immediate and decisive action to combat it.
“This will allow the Government and financial institutions to mobilise resources, implement stricter regulations, and collaborate with international partners to disrupt and dismantle money laundering networks.”
Money laundering posed a significant threat to national security and prosperity and every effort should be made to combat it, effectively, he noted.
Mr Zimmaleh bemoaned the consequences of hoarding substantial sums of money, running into millions of cedis, in a country like Ghana where 24.2 per cent of its population lived below the poverty line.
Ghana is positioned at 140 out of 189 countries on the United Nations Development Programme’s Human Development Index.
In July, this year, Mrs Cecilia Dapaah resigned from her position as the Sanitation Minister, following allegations of stolen money in huge sums involving her household staff.
Mr Zimmaleh noted that keeping large amounts of cash in homes had the tendency to increase theft and burglary because that tended to draw the attention of criminals, making homes more vulnerable to break-ins.
He said Ghana lacked the legislation to regulate the maximum amount of cash that individuals could keep at home or in their vehicles, despite having implemented various financial laws to combat money laundering.
Thus, he called for an amendment of the Anti-Money Laundering (AML) Legislation, arguing that it solely sought to outline the various illicit activities that may result in substantial financial gains, including organised crime, bribery and corruption, smuggling, sexual exploitation, and tax evasion.
Without a thorough examination of the Financial Code, AML Code, and other relevant codes, individuals involved in money laundering would find it effortless to evade legal consequences, including prosecution, conviction, and the confiscation of illicit funds and assets, he said.
With the various organisations, including the Ghana Revenue Authority to probfie tax evasion, the Bank of Ghana to scrutinise bank transactions, the Ghana Audit Service, and the Office of the Special Prosecutor all doing their work as expected, the public would find it difficult to engage in money laundering, he added.
