The Chief Executive Officer of the Financial Intelligence Centre (FIC) of Ghana, S.T. Essel, has stated that �insider trading� is one of the predicate offences of money laundering provided under Sec 1 (2) of the Anti-Money Laundering Act, 2008 (Act 749) as amended.
He has, therefore, cautioned the Social Security and National Insurance Trust (SSNIT) and the Securities and Exchange Commission (SEC) to do the needful in the matter of the alleged �insider trading� by the Republic Bank of Trinidad and Tobago (RBTT) and report back to the centre.
�In accordance with Section 6 of the Anti- Money Laundering Act, 2008 (Act 749) as amended; we advise SSNIT and SEC to follow through with this allegation and inform the centre of the outcome as soon as practicable.�
This was contained in a letter dated January 12, 2015 and signed by the CEO.
It was addressed to the Director Generals of SSNIT and SEC and copied to the National Security Coordinator and the Managing Director of HFC Bank.
The letter which was intercepted by the BUSINESS GUIDE yesterday made reference to a newspaper report headlined: �SSNIT � For Or Against HFC Bank�.
Earlier this week, two non-executive independent board members of HFC Bank, Mrs Muriel Edusei and Mr Francis Koranteng, were extensively reported in the media to have charged the bank to take appropriate action with SEC on the matter of the alleged �insider trading� by RBTT.
They had published statements to HFC shareholders in response to moves by SSNIT to remove and replace them (the two) by an extraordinary general meeting of the bank to be held on Tuesday, January 20, 2015.
According to them, HFC Bank was duty-bound to establish the truth of the allegation of �insider trading� by RBTT.
SSNIT holds 26 percent shares in HFC Bank.
Some of other headlines published included �SSNIT To Remove HFC Board Members� and �Take Action On Insider Trading By RBTT
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