The Bank of Ghana (BoG) has stated that it is collaborating with the Economic and Organized Crime Office (EOCO) to investigate specific cases of suspected financial crimes and to liaise with the appropriate agencies for possible prosecution of suspected persons.
According to the BoG, this forms part of its long-standing cooperation with law enforcement Agencies in the country. The BoG disclosed in a press statement that as part of this cooperation, it has made a number of referrals to EOCO for investigations. The investigations are related to suspicious requests to BOG for payment of large sums of inward remittances apparently withheld by the Central Bank and the collapse of some financial institutions.
“Following an emerging trend observed by the BoG over the last few years, BoG has since October 2020 submitted five (5) separate requests to EOCO for investigations into claims of persons (individuals, businesses, and law firms acting on behalf of clients) who have persistently made claims on the BoG to the effect that certain large sums of money purportedly remitted to them by foreign counterparties through the banking system have been withheld by BoG.
“These claimants often attached documentation alleged to be messaging from the SWIFT international funds transfer system, as proof of the receipt and retention of their funds by BoG. Following BoG’s preliminary investigations which have shown that these claims are fake, BoG has referred such matters to EOCO for further investigation”.
Bank of Ghana
BoG highlighted in the statement that EOCO has made significant progress in these investigations and has initiated prosecution in some of these cases, while investigations on other cases continue.
Investigations Into Defunct Savings & Loans Companies And Microfinance Intuitions
In its public notices in 2019, announcing the revocation licences of certain defunct Savings and Loans Companies, Finance Houses, and Microfinance Institutions, BoG cited a number of potentially criminal actions on the part of these institutions and their shareholders, directors or management, as the case may be.
The BoG disclosed that following further investigations into the failure of these institutions by the Receivers appointed by BoG, these cases were referred to EOCO for advice. According to the statement, EOCO has conducted independent investigations into a number of these cases and has made recommendations to the Attorney General’s Department for consideration and possible prosecution.
The cases highlighted by the BoG included 20 institutions, comprising 10 Savings & Loans Companies and 10 Microfinance Companies.
The Savings and Loans Companies include: Ideal Finance, GN Savings and Loans, CDH Savings and Loans, Midland Savings and Loans, Legacy Capital Savings and Loans, FirsTrust Savings and Loans, Express Savings and Loans, IFS Savings and Loans, UniCredit Savings and Loans, and Dream Finance Co Ltd.
The Microfinance Companies comprises: Goldman Capital Microfinance, Dwadifo Adanfo Microfinance, CIG Microfinance, Noble Dream Microfinance, Adom Sika Microfinance, Nationwide Microfinance, Cypress Microfinance, Jorbies Microfinance, DPF Microfinance, and FTS Capital Microfinance.
“EOCO continues to work with the Attorney General’s Department towards speedy prosecutions of persons suspected to have been complicit in the failures of these institutions. In the meantime, EOCO has frozen and/or impounded some assets of such persons to help with reimbursements of the claimants of the defunct institutions”.
Bank of Ghana
BoG assured the public that it will continue to deepen its collaboration with EOCO and other law enforcement Agencies in the country, to help promote financial integrity and trust and confidence in Ghana’s banking system.
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