Financial sector regulators should be interested in the source of funds, in the ongoing investigation into the $1m stolen from the house of a minister of state in Ghana.
In a country where money laundering laws are not strictly applied, infractions of the key components of the law could be compromised by powerful people in political office, and the knock down effect is that, money laundering risks, and financial crime red flags would be overlooked: a panacea for all forms of financial inappropriateness, manipulation and contraventions of stipulated laws.
If this particular case of $1m being stolen from the house of a minister of state is not properly prosecuted, it will create bad precedence, raise socioeconomic concerns from the onlookers, which invariably will raise the temperature for Fraud-Risk, and crime related activities in the country.
Cashless society is what we envisaged, and alot of state funds is been spent in that direction to ensure, enough public education is created, and citizens are encouraged to put their monies into the banking system.
However, for fear of not being able to answer the question of “source of funds” and “nature of business” as a standard requirement for key money laundering preventive measure, and banking best practices, high-level personalities, and high-end politicians does the otherwise, by keeping large sums of money in their private homes.
The situation at hand is a fine case study to test the preventive and investigative prunes and capabilities of financial sector regulators, and investigation institutions, such as Financial Intelligence Center (FIC), Economic and organised crime organisation (EOCO), Financial Crime department of the Ghana Police, The Bureau of National Investigations (BNI) and probably the Office of the special prosecutor (OSP).
Early warning signs of money laundering, and the lifestyle of key political appointees is key in the maintenance of law enforcement actions within the financial crime, and money laundering arena.
For Ghana to achieve the required financial sector standards (guidelines) imposed on nations by the international community, senior level personalities will need to behave appropriately, else, dreadful money laundering sanctions shall be applied, with damaging effects on every Ghanaian.
Frankly speaking, we can do much better.
Richard Kumadoe
Fraud Preventions Expert and Security Consultant.
Source:Mybrytfmonline.com
