Associate Professor of Taxation at the University of Ghana School of Law, Prof. Abdallah-Ali Nakyea, has called for the prosecution of banks that enable large financial transfers without proper traceability.
His comments come in the wake of ongoing corruption investigations by the government, including a high-profile case involving the former Chief Executive Officer of the National Signals Bureau and his wife, who allegedly moved $7 million between banks without adequate oversight.
Speaking at a forum organised by the Media Foundation for West Africa in Accra, Prof. Ali-Nakyea emphasised the urgent need to reinforce banking control systems, particularly regarding Know Your Customer (KYC) protocols.
“If you take the National Signals Bureau issue and look at the transfers involved — and even the National Service case — the banks should be held accountable. What control mechanisms were in place?” he asked.
“Know Your Customer (KYC) — what is happening within the banks? The same lack of oversight led to the collapse of over 500 microfinance institutions and banks in the past. We’re gradually heading in that direction again.”
“If KYC had been properly enforced, these transfers wouldn’t be untraceable. By now, the Attorney General should have obtained all relevant information from the banks. They should be prosecuted for receiving and transferring untraceable funds,” he added.
The forum was held under the theme “Hidden Riches, Hollow Laws: Dissecting the Loopholes That Fuel Corruption in Ghana.”
