Pressure group, The Movement for Truth and Accountability has alleged that number of companies, numbering over 500 are being investigated for money laundering and under-invoicing by the Central bank of Ghana and other anti-corruption agencies.
In the statement copied Awake News and signed by the Director of Communications of the group, Mr. Issac Kyei Andoh, they “have petitioned to Ghana Revenue Authority and Financial Intelligence Centre, and we were told that they also have the same list of companies that we brought of which they are conducting their own investigations. We are appealing to them to expedite their investigations because we will be monitoring their activities as we wait for the report of the investigation.”
According to Mr. Kyei Andoh “Bank of Ghana suspects that these companies upon getting their request for Import Declaration Form approved to bring in goods to the amount requested from the IDF ended up importing much less than they requested.
This means that a huge amount of money transferred to other jurisdictions solely for import purposes cannot be traced because the companies allegedly under-invoiced or are in involved in money laundering.”
He revealed that their group “currently have at our disposal the total amount of money each of the companies involved requested and the total import of some of them and the findings are staggering. Some imported brought in goods over 70% less than the amount they transferred outside.”
“Records also show that this is how many companies transfer monies outside the country without going through the right protocols at the blind side of the central bank. The companies involved are made up of importers ranging from Automobile, Fridges, Air Condition, Brand New Tyres, Alcohol, Rice, Sugar, Frozen Chicken, Fish & Beef, Spare Parts, Mobile Phones, Electronic and Electrical Equipment, floor & wall tiles, Agro-inputs and many others with the amount involved exceeding 2 Billion Dollars. Ownerships of the said companies are a mixture of locals, with politicians dormant and expatriate forming the majority.” – Mr. Andoh revealed
Whiles urging the investigative bodies to expedite action on their investigations, he said “In the next two (2) weeks, we are going to publicly release names of some of these companies and the amounts involved. We will also let the public know of other 17 microfinance companies that we suspect have been receiving and transferring money to some Chinese companies of which we have evidence and proof to back these allegations.”
Read the full statement:
12th October, 2020
TO: ALL MEDIA HOUSES
PLEASE EXPEDITE INVESTIGATIONS INTO MONEY LAUNDERING UNDER INVOICING CASES
Information available to us and confirmed by various sources after investigations have revealed that a number of companies, numbering over 500 are being investigated for money laundering and under-invoicing by the Central bank of Ghana and other anti-corruption agencies.
We as a group have petitioned to Ghana Revenue Authority and Financial Intelligence Centre, and we were told that they also have the same list of companies that we brought of which they are conducting their own investigations. We are appealing to them to expedite their investigations because we will be monitoring their activities as we wait for the report of the investigation.
Bank of Ghana suspects that these companies upon getting their request for Import Declaration Form approved to bring in goods to the amount requested from the IDF ended up importing much less than they requested.
This means that a huge amount of money transferred to other jurisdictions solely for import purposes cannot be traced because the companies allegedly under-invoiced or are in involved in money laundering.
Both offences are criminal under Ghana laws,
The Anti-Money Laundering Act, Act 798 as amended by Amendment Act, 2014 (Act 874) states that “a person commits an offence of money laundering if the person knows and/or ought to have known that property is and/or forms part of the proceeds of an unlawful activity and the person; converts, conceals, disguises or transfers the property; conceals or disguises the unlawful origin, disposition, movement or ownership of rights with respect to the property; or acquires, uses or takes possession of the property”
The Movement for Truth and Accountability is very interested in the matter and hence has gone ahead to conduct its own investigations into each of the cases, including what BoG, GRA have done and are doing to get the perpetrators to book.
We, however, believe that the process is too slow and hence want to put pressure on the institution to expedite the process.
We currently have at our disposal the total amount of money each of the companies involved requested and the total import of some of them and the findings are staggering. Some imported brought in goods over 70% less than the amount they transferred outside.
Records also show that this is how many companies transfer monies outside the country without going through the right protocols at the blind side of the central bank. The companies involved are made up of importers ranging from Automobile, Fridges, Air Condition, Brand New Tyres, Alcohol, Rice, Sugar, Frozen Chicken, Fish & Beef, Spare Parts, Mobile Phones, Electronic and Electrical Equipment, floor & wall tiles, Agro-inputs and many others with the amount involved exceeding 2 Billion Dollars. Ownerships of the said companies are a mixture of locals, with politicians dormant and expatriate forming the majority.
We have a lot of details and fact from meetings held at Alisa Hotel and some of the artificial factors delaying the process but would hold on for a while and expect the institutions to do the right thing. We are confident the current GRA leadership wouldn’t play by the business as usual rule and make sure that those found guilty are dealt with.
In the next two (2) weeks, we are going to publicly release names of some of these companies and the amounts involved. We will also let the public know of other 17 microfinance companies that we suspect have been receiving and transferring money to some Chinese companies of which we have evidence and proof to back these allegations.
We also know that some of the companies are trying hard to compromise officials working on the audit; we know of all that is going on and want to sound a warning to the said companies that the issue has gone beyond being killed and so it is in their interest to comply and allow the institutions to work.
The result is that our economy suffers; the state is denied the much-needed revenue and whatnot.
Yours faithfully,
ISAAC ANDOH
Director of Communication
By: Efo Korsi Senyo / awakenewsroom.com