The Bank of Ghana (BoG) has encouraged the public to provide information voluntarily regarding suspected instances of money laundering and unexplained wealth.

The central bank in its recent circular on financial literacy called for public participation in the efforts to combat financial crimes, maintain the integrity of the country’s financial system, and sanitize the industry.

Emphasising the importance of collaborative efforts, the Bank of Ghana stressed the need to identify and address illicit financial activities that pose a threat to the stability and reputation of the banking sector.

According to the bank, money laundering, the process of legitimising money obtained from unlawful activities, undermines the integrity of financial institutions and has far-reaching consequences for the economy, businesses, and society as a whole.

To control money laundering and terrorist financing, individuals may be required to disclose and prove the source of funds used in transactions at all Bank of Ghana licensed and regulated institutions.

"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 sources of wealth," cautioned the central bank.

Ghana faced significant deficiencies in its anti-money laundering regime, leading to greylisting by the Financial Action Task Force in 2016.

Extensive reforms were undertaken, resulting in Ghana's delisting in 2020.

To maintain progress, the Bank of Ghana reminded the public of the potential consequences of involvement in money laundering, including prosecution and confiscation of assets derived from illicit activities.