The Chief Executive Officer of the Financial Intelligence Centre (FIC), Kwadwo Twum-Boafo, has expressed concern over the growing usage of mobile money platforms for illicit financial transactions.
He claims that the tightening of financial laws in the banking industry has made it more difficult for people to use traditional banks for dubious activities, which has led them to turn to mobile money services.
“The banks have tightened their regulations. The Fintech and Innovations Department of the Bank of Ghana and the Financial Stability Department are very strict on financial transactions. Indeed, what I know, in Ghana today, you can’t give a third party a cheque of more than GHC5,000,” he explained.
Even international currency transfers are now strictly watched, Mr. Twum-Boafo continued.
“As we speak, you can’t even transfer foreign currency to an individual without certain checks on the individual. So, they are very strict,” he noted.
He cautioned that money launderers find mobile money systems more appealing due to their virtual character and relative anonymity.
“The platform that most of them use will be the mobile money platform, which is more or less virtual. As for virtual assets, it is more difficult to monitor,” he said.
On Sunday, November 9, Mr Twum Boafo, the head of the FIC, stated on Hot Issues on TV3 that the Centre has the authority to freeze mobile money accounts connected to questionable conduct.
He called on telecom firms to improve their adherence to anti-money laundering laws.
“We are able to freeze mobile money accounts. They (Telcos) are enjoined to be compliant, but them being fully compliant—that’s another discussion for another day,” he remarked.
While praising banks for their rigorous adherence to financial standards, Mr Twum-Boafo urged telecommunications businesses to do the same.
“I talked about the front-foot approach that we need, and they (Telcos) in particular are not in compliance as much as I would like. The banks are, but Telcos, no,” he stated.
NKONKONSA.com
