Banking laws must be reviewed to curb bank related fraud – Dr. Atuahene

A Banking Consultant Dr Richmond Atuahene has called for a review of banking laws to curb the issue of bank frauds in the country.

He said bank fraud still persist because banks operate on archaic and outmoded laws that do not fit into the current [mordenised] banking system.

“A time has come for us to look at our criminal code. This was [enacted] in 1963 and we are using the same methodology to prosecute cybercrime; I mean, are we serious as a country?” he said.

Speaking on Joy FM’s Super Morning Show he said that countries that have reviewed their laws to suit today’s banking system are far advanced in terms of dealing with banking fraud.

“In financial crimes and cybercrimes, every nation has now designed a new law to deal with it because, it is very difficult,” he said.

After much efforts to deal with bank frauds in the country, the canker still persists.

A Bank of Ghana report revealed that banks lost ¢19.1 million to theft committed by its own employees in 2018.

This, Mr Atuahene associated to the fact that banks do not employ people with integrity as staff.

He added that outmoded laws governing the banking sector also has contributed to the increase of the canker in the sector.

The banking consultant further called for strict sanctions and prosecution against persons who are found culpable of the crime.

“It’s a very critical point. I mean, it’s one of the measures that will deter people but unfortunately, in our country here, when it comes to prosecution, I dont know what is wrong with us.

“People have committed fraud, you have identified them, the law will take its own course but unfortunately these things delay and once it delays it doesn’t deter,” he added.

He cited other jurisdictions like India, which he indicated takes less than six weeks to prosecute persons found culpable of bank fraud.

“So in other jurisdiction like India, they’ve made it so rigorous that when they find out that you have committed the banking fraud, it takes less than six weeks to be prosecuted.

“So I believe that it’s not just about enforcement, people should be punished for their crimes so that others will know and I also believe the reason why bank frauds still persists [in our country] is that the wheels of justice is too slow,” he said.