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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Ho Node Hub rebrands as Node Eight

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Kenya:Parliament seeks stiff fines for rogue banks

bycitibusinessnews
March 21, 2017
in Africa, East Africa
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Parliament is seeking punitive fines for bank executives who fail to disclose suspicious transactions in a fresh bid to block the flow of stolen taxpayers’ cash.

Financial institutions are required to report all transactions above $10,000 (Sh1,030,000) to The Financial Reporting Centre (FRC), the state agency that tracks proceeds of crime, but many do not do so.

Currently, banks are charged Sh1 million for failing to disclose suspicious transactions, an amount that analysts argue cannot deter lenders from the vice.

The Public Accounts Committee (PAC) wants the fines raised in the wake of multi-billion shilling scandals which were made easy by lax reporting of suspicious transactions by banks.

“… Parliament proceeds to immediately review and subsequently amend the Banking Act and other financial laws and regulations… to substantially increase the maximum fine levied by the Central Bank of Kenya (CBK) on non-compliant financial institutions,” recommends PAC in the wake of the NYS probe.

Last year, CBK slapped three banks with Sh1 million fine each for failing to report suspicious transactions relating to the NYS scandal where nearly Sh2bn was lost.

The fine is a small fee for a sector which makes billions of shillings in profits annually.

Manipulation of the government’s financial management software, outright forgery, and neglect of duty enabled the theft of the billions from the National Youth Service, the auditor-general has revealed.

Illegal movement
The NYS cash was illegally moved through banks into individual pockets and ultimately used to buy personal assets. Lax controls also aided theft of millions of shillings at the Youth Fund and the auditor- general’s office.

Parliament has ordered the anti-graft agency to investigate 29 banks that handled billions of shillings stolen from NYS.

The banks named by PAC include African Banking Corporation, Bank of Africa, Bank of Baroda, Barclays, CFC Stanbic, Chase Bank, Consolidated, Co-operative Bank, Credit Bank, Ecobank, Equity and First Community Bank.

Others are Guaranty Trust Bank, Gulf African, Housing Finance, I&M, Jamii Bora, NIC, Paramount, Sidian, Standard Chartered, Transnational, Faulu, Old Mutual and National Bank of Kenya.

PAC last week ordered fresh investigations into CBK Governor Patrick Njoroge’s role in the NYS scam.

The committee wants the CBK governor investigated for failing to prevent movement of stolen funds through the banking system and failing or refusing to advise the government on the abnormal payment requisitions from the Ministry of Devolution and the NYS as provided for under the CBK Act.

“The CBK was the source of all the funds that were paid to commercial banks and other institutions for onward payments to NYS suppliers,” the PAC said in the report.

“It is apparent that the CBK was used as a conduit for transfer of funds that were irregularly paid to suspect companies for goods and/or services not delivered.”

–

Credit: Business Daily

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