A Chartered Banking Consultant, Eric Nii Quartey, has urged banking industry players in the country to up their game.
His comment comes in the wake of the Special Prosecutor, Kissi Agyabeng, in response to criticism about the relevance of his outfit, highlighted some accomplishments he had chalked since assuming office.
Among others, Nii Quartey noted that the OSP had disrupted a syndicate involved in the production of a substantial amount of counterfeited foreign currency and made seizures in two warehouses in Accra and Tema where an amount of $40 million was discovered in concealed steel trunks.
In an interview on Joy FM’s Top Story on Friday, December 15, Mr Quartey explained that although money laundering is banking, “the good thing is that banking in itself as a profession is anti-money laundering but working in regulation."
“We must be grateful that authorities have taken hold of it…We are not sure how much counterfeit is in the country because we are not sure how it entered in the first place and so the banking industry must be up to their game at this point,” he said.
According to him, all the banks in the country must take a second look at their A.L.S structures, looking out for any red flags while being cautious of any foreign deposits.
Mr. Quartey also urged organisations with licences to manage the foreign exchange market to exercise caution, as counterfeit money is already in the system.
“It becomes very easy for these people to want to use this money to pay bills that have to do with government. The whole idea of money laundering is to launder money, send it through the financial service industry through the government agencies to be washed for them,” he added.
Latest Stories
-
Harvard patents targeted by Trump administration
20 minutes -
US judge blocks Trump administration limits on domestic violence grants
30 minutes -
Trump weighs reclassifying marijuana as less dangerous drug, WSJ reports
39 minutes -
Intel CEO to visit White House on Monday, WSJ reports
51 minutes -
Ugandan court denies bail to veteran opposition leader in treason case
1 hour -
Chad’s former PM and opposition leader sentenced to 20 years
1 hour -
Zambia concerned by ‘financial strain’ of new US visa bond
1 hour -
Lawsuit accuses Apple of stealing trade secrets to create Apple Pay
2 hours -
Trump targets banks with order barring discriminatory ‘debanking’
2 hours -
Police foil robbery at Klagon-Ashaiman, arrest one suspect
2 hours -
Driver jailed for stealing susu box containing over GH¢20,000
2 hours -
South African court orders repatriation of ex-Zambian leader Lungu’s body
4 hours -
Zelensky says he discussed peace and Russia with South Africa’s Ramaphosa
5 hours -
Rwandan man accused in 1994 genocide repatriated from Norway
5 hours -
Trump nominates ex-Fox News host Tammy Bruce as deputy UN ambassador
5 hours