Unexplained wealth: Target the politicians who become wealthy overnight as well – John Kwakye

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said that politicians who become rich overnight should also be investigated for unexplained wealth.

“How about the politicians who become wealthy overnight? You have to target them as well and not only the small flies,” he wrote on his X platform while reacting to the financial literacy document released by the Bank of Ghana (BoG).

The BoG had explained how money laundering is done and the consequences of engaging in such illegal acts.

In its Financial Literacy document, the Central Bank explained that 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.

It went ahead to caution that such activities are punishable by law.

“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.

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

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,” the Bank said.

The BoG went ahead to explain the role that the various banks and financial institutions play in fighting money laundering.

In order to control money laundering and terrorist financing, it said “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.

“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. Becareful you do not become a conduit for such activities

“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.”

Infographics-on-Money-Laundering

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