March 29, 2023

The Bank of Ghana is concerned about the rising incidence of bank personnel being implicated in financial sector fraud cases, which is expected to erode public trust in the banking sector.

The Committee for Coordination between the Law Enforcement Agencies and the Banking Community (COCLAB) has been tasked by the Central Bank to increase efforts in addressing fraud cases originating from the sector.

Elsie Addo Awadzi, the second deputy governor of the Bank of Ghana, urged participants in a workshop for the committee to focus their efforts on addressing the threat before it worsens.

“The discussion of the recently released 2021 Fraud Report from the Bank of Ghana is a key item on your agenda for today’s meeting. This report noted

The rising levels of fraud connected to electronic money channels, such as ATM fraud, mobile money fraud, and cyber fraud, are another concerning trend from the 2021 fraud report, she noted.

She then gave COCLAB members the task of critically examining these developments and coming up with practical solutions to help address the underlying causes in order to buck the trend.

The Central Bank and Law Enforcement Agencies are working together to address the rising financial crimes in the banking sector through the workshop.

Building on INTERPOL’s 1988 Resolution, the Bank of Ghana was the driving force behind the establishment of COCLAB in Ghana and its goal of reducing economic crime globally.

The Committee was recently reactivated by the Bank of Ghana in order to create a framework for effective cooperation between the banking sector, government security and law enforcement organizations, the judiciary, and other crucial Agencies to advance the fight against financial crime.

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