IGP charges security agencies to be alert against money launderers

Page 53: May 26, 2008.
Story: Albert K. Salia
THE Inspector-General of Police (IGP), Mr Patrick K. Acheampong, has called on the security agencies to be on the alert against the abuse of the investment climate in the country by money launderers.
He said some investors, particularly those in the banking sector, could take advantage of the investment opportunities for money-laundering activities.
Mr Acheampong said the country had to guard against another PYRAM experience and also safeguard the financial system.
He was speaking at the closing ceremony of a one-week workshop on anti-money laundering and corruption for selected personnel of the Ghana Police Service, the Bureau of National Investigations (BNI) and the Serious Fraud Office (SFO) in Accra on Friday.
The workshop was sponsored by the French government as part of its support programme for the Ghana Police Service.
Mr Acheampong said although the establishment of many banks in the country was good, it was important that the security agencies should be on the alert to ensure that the banks complied with the Bank of Ghana’s regulations and other laws to make sure that they did not exploit the system for any illegal businesses.
“We must assist the Bank of Ghana to ensure that the banking sector does not become a conduit for money laundering,” he stated.
He said money laundering could be used to disintegrate any financial system in the world, particularly in developing countries that were trying to woo investors.
In addition, he said, money laundering had linkages with almost all major crimes such as narcotics, terrorism and weapons trafficking.
Mr Acheampong also advised the personnel not to take cases in isolation but endeavour to look beyond the initial complaints.
He said the introduction of French judicial, investigative and interrogation systems to the personnel was good because Ghana was surrounded by Francophone countries and also help in their collaboration with their counterparts from those countries.
A resource person at the workshop, Superintendent Jean-Marie Fiaschi, observed that corruption and money laundering were international problems which could destroy the development of any country.
He said money laundering had also destroyed the foundations of many democratic states and weakened the morals of the citizenry.
He said that had brought about a united global fight against money laundering, hence the need for laws and the legal framework to be in tandem with international standards to enhance effective collaboration.