FIC Yet to Serve Wontumi on Account Freeze – Andy Appiah-Kubi
The Financial Intelligence Centre (FIC) has reportedly frozen the bank accounts of Bernard Antwi Boasiako, popularly known as Chairman Wontumi, and his company, Akonta Mining, sparking controversy over due process and transparency. Despite the media frenzy surrounding the matter, Chairman Wontumi’s legal representative, Andy Appiah-Kubi, has stated that neither he nor his client has received any official notice regarding the action.
The first indication that they had of the freeze was through the media and not by written notice from the FIC or the banks themselves, according to Appiah-Kubi. He emphasized that to order a freeze on a bank account is as serious as it gets, and under the law, parties so affected must be served formally with written notice so that they may respond appropriately thereto. To this point, they have not been given that entitlement.
The freezing of the accounts is presumed to be pursuant to Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), which provides that the FIC can withhold access to financial assets where there is a reasonable suspicion of money laundering or other financial crime. But it is the legal team's submission on behalf of Chairman Wontumi that the taking of action based on suspicion alone without allowing the accused person to be heard is contrary to principles of natural justice.
Appiah-Kubi revealed that his client is not only concerned about the freeze on the account but also the news that Akonta Mining's lease has been revoked. He continued that there are arrangements to challenge the revocation in court. Legal documents are under way and the case would be lodged within the next few days. The legal advisors are adamant that the lease was acquired lawfully and that any supposed violations be properly dealt with by proper legal channels.
The case has attracted public controversy, especially owing to the chairman's standing as a high-profile figure in Ghanaian business and politics. Critics are calling for regulatory agencies to move decisively to stop illegal mining and financial malpractices, while others warn that such actions should always adhere to due process and justice.
Appiah-Kubi has reiterated his client's willingness to cooperate with any genuine investigation but stressed that until the necessary legal procedures are followed, any sanction is abnormal. He called on the FIC and other entities concerned to act within the bounds of transparency and the law.
This event underscores ongoing concern over overregulation and the delicate balance between enforcing the law and protecting individuals' rights. It also underscores the need for openness in communication between authorities and the parties involved, especially for matters that have serious monetary and reputational impacts.
As the court battle looms, sector participants and observers alike are following closely. The case could deliver important precedents in the implementation of financial intelligence and anti-money laundering here in Ghana's business and mining industries. Whether or not the FIC will go on to deliver official notice in the coming days remains to be seen, but here's one thing for sure: the judicial and public glare surrounding this case is merely getting started.
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FIC Yet to Serve Wontumi on Account Freeze – Andy Appiah-Kubi
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