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    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

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    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

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    Nigeria’s national debt hits an all time as the country struggles with repayment

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    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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Societe Generale denies money laundering allegations

bycitibusinessnews
July 28, 2015
in Banking And Finance, Business, Top Stories
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Societe Generale (SG) Ghana has denied reports that the bank is involved in money laundering.

[contextly_sidebar id=”YT3pw5f8MCepSt8HCRqCAVnwSqX13pr1″]There are media reports that five commercial banks in the country including Societe Generale

have been indicted in a report by Ernst and Young for transferring hundreds of millions of foreign exchange in dollars, Euro and Pounds Sterling between October 2013 and November 2014 without the banks observing compliance of the Foreign Exchange Act.

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According to Societe Generale though the bank was penalized by the Bank of Ghana last month, the penalty of hundred thousand cedis was not for money laundering.

Speaking to Citi Business News Managing Director of  the bank Gilbert Hie said the bank has not engaged in anything illegal.

‘What is being spread out is not well spread out, so i don’t have any comment to do with it  because as you know SG is the best with anti laundering in this country.

It is possible that at one time one missing information has been on one document but it has nothing to do with money laundering so i would not say more because i don’t have any precise information.

There has been a penalty of course because each time there is a mistake in any kind of document,  Bank of Ghana will penalize the banks and this is something usual,  each time you do anything wrong in the bank you get a penalty this is true, but it does not mean it is money laundering at all.’ He said.

Meanwhile the bank has launched its Spread the word promotion, aimed at rewarding customers who are able to bring others to open accounts with them.

According  Gilbert Hie the promotion is to increase their customer base by strengthening  ties with existing customers.

–

By:  Fred Djabanor/citifmonline.com/Ghana

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