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in Banking

Flag Unusual Huge Sums of Money in Bank Accounts, Deputy Attorney General Urges Banks

Maynard Championby Maynard Champion
December 8, 2021
Reading Time: 3 mins read
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Flag Unusual Huge Sums of Money in Bank Accounts, Deputy Attorney General Urges Banks

Mr Alfred Tuah Yeboah, Deputy Attorney General

Mr Alfred Tuah-Yeboah, the Deputy Attorney-General, has asked Ghanaian banks to flag unusual huge sums of money deposited into the accounts of their clients.

Mr Tuah-Yeboah made the call at the 20th Anniversary Forum of the Ghana Anti-Corruption Coalition (GACC) in Accra, on the theme, “20th Anniversary of Building Partnerships in the Fight against Corruption.” He thus, urged banks to join the fight against corruption by flagging those accounts.

“If possible, let’s make it difficult for people to spend money they got from corruption in order to discourage them from stealing into their coffers, just as it’s done in some of the advanced countries.”

Mr Tuah-Yeboah

The Deputy Attorney-General noted that it is becoming difficult to prosecute corruption related cases due to unwillingness of the public to volunteer information backed with evidence. He therefore, charged all stakeholders, including banks to join the campaign.

Mr Tuah-Yeboah described corruption as a high-risk activity with low or no gains. He indicated that his office is willing to do its part, “but many people are not ready to talk, even though they have information in their offices, institutions and other places that would help all of us to discourage corruption.”

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Mr Tuah-Yeboah highlighted the need for all Ghanaians to get involved, stressing that “we have to reinforce our efforts to fight corruption and build resilience for society to stand the threats of tomorrow”.

Dr. Angela Lusigi, the UNDP Resident Representative, in a speech read on her behalf, recognized corruption as one of the biggest impediments to achieving the SDGS worldwide.

Dr. Lusigi asserted that globally, over one trillion dollars is paid as bribes and over 2.3 billion dollars stolen through corruption. She added that the UN estimated that funds lost to corruption is 10 times the amount for social debt assistance.

Speaking on the need to undertake accelerated actions to control corruption, the UNDP Resident Representative averred that the UNDP is ready and willing to continue to support the GACC. She called on all actors to promote efforts to ensure public accountability and trust.

Punish Corrupt Individuals

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Mrs Yvonne Atakora Obuabisa, the Director of Public Prosecution, Ministry of Justice and
Attorney General, called for stringent punishments to be given to culprits of corruption. Backing her call, she stated that “The knowledge that when I do something I will be punished, is what will deter people from committing crimes, including corruption.”

Mrs Beauty Emefa Narteh, the Executive Secretary, GACC, highlighted some of the
contributions of the Coalition in reducing corruption in the country. Some key contributions of GACC she mentioned are: supporting in the passage and implementation of the Whistle blowers Act 2006 (Act 720), Right to Information Act 2019 (Act 989), Office of the Special Prosecutor Act 2018 (Act 959), Witness Protection Act 2018 (Act 975), and Public Financial Management Regulations 2019 (L.I. 2378).

Mr Roland Affail Money, President of Ghana Journalists Association, also underscored the role of the media. “The media has an indispensable role to hold duty bearers accountable for their actions”. He commended journalists who put their lives on the line to fight corruption considering how dangerous it is.

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Mr Akwasi Abeasi, a former Board Chairman of Ghana Investment Promotion Centre, likewise condemned the practice where people are given preferential treatment in society because of their financial strength. “That practice should cease. Money is not everything, it is our conscience that we should look at.”

READ ALSO: Central Bank to Train Financial Institutions on Anti-Money Laundering and Counter-Terrorism Fighting

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