A Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong, has downplayed the need for any probe of the\u00a0Asantehene, Otumfuo Osei Tutu II, following a transaction in the UK that prompted\u00a0speculation that he may have been involved in money laundering.<\/p>\n
Breached regulations within the\u00a0 Ghana International Bank were noted when a\u00a0transaction was carried out in August 2016, on behalf of the Asantehene, reportedly involving\u00a0\u00a3350,000.<\/p>\n
[contextly_sidebar id=”hYf2u0H8Ww0ZPme7x3XOfIxb0R4cBMo3″]The bank official involved,\u00a0Mark Arthur, was subsequently suspended and later\u00a0sacked for not following anti-money laundering rules.<\/p>\n
Before a tribunal, where he is alleging wrongful dismissal, among others, Mark Arthur alleged that Otumfuo\u00a0O<\/span>sei Tutu II, the holder of a diplomatic passport, told him the cash had been withdrawn from banks in Ghana and brought to the UK.<\/p>\n Despite the amount in question, Mr. Otuo Acheampong noted on Eyewitness News<\/strong> that there was no need for regulatory authorities like the\u00a0Financial Intelligence Centre to pursue the matter because of the allegations.<\/p>\n As an example, Financial institutions are to report all cash transactions within Ghana with a threshold of GH\u00a220,000, or amounts as may be determined by the BOG from time to time,\u00a0to the Financial Intelligence Centre.<\/p>\n The Financial Intelligence Centre is mandated by law to request, receive, analyse, interpret and disseminate financial intelligence in Ghana and abroad.<\/p>\n