Ghana International Bank fined £5.8 million for AML/CFT failings in correspondent banking activities
Ghana International Bank (GIB) has been fined £5.8 million (US$6.9 million) by the UK’s Financial Conduct Authority (FCA) for poor anti-money laundering and counter financing of terrorism (AML/CFT) financing controls over its correspondent banking activities. London based GIB did not adequately perform checks, neither did…
TBML extensively used to launder proceeds of frauds by Ghana-based criminal enterprise
Trade-based money laundering (TBML) was employed extensively by a Ghana-based criminal enterprise to obscure the origin of the proceeds of a variety of frauds perpetrated in the US, including romance scams targeting the elderly, business email compromise scams, and fraudulently obtained Covid-19 relief loans. The…
Undervalued exports of gold and cocoa from Ghana in 2011-17 amounted to US$8.8 billion
Mispricing of gold and cocoa exports from Ghana has contributed to significant tax base erosion from one of Africa’s most resource rich countries according to a new paper based on an innovative methodology for measuring abnormal pricing. Instead of using aggregate trade statistics to measure…
Ghana issues directive for commercial banks to curb misdeclarations, under-invoicing and non-reporting
The Bank of Ghana (BoG) has issued a directive to all commercial banks demanding foreign companies operating in the country register a Technology Transfer Agreement (TTA) with the Ghana Investment Promotion Centre (GIPC). The directive comes in the wake of a wave of investigations into…
Fraudsters employ TBML to shift proceeds of email, romance and pandemic-related scams from US to Ghana
Six people have been arrested in the US in connection with their roles in a fraud and money laundering conspiracy based in Ghana involving the theft of tens of millions of dollars. Those arrested employed trade-based money laundering (TBML) operations to remit illicit funds from…
