LAWS  OF GHANA

ESTRICTION ON TRANSFER OF ASSETS ACT, 1970 ACT 323

ARRANGEMENT OF SECTIONS

1. Restriction on transfer.

2. Bank accounts.

3. Penalty for contravention.

4. Information by bankers.

5. Offences.

6. Further restrictions.

ACT 323

RESTRICTION ON TRANSFER OF ASSETS ACT, 19701(1)

AN ACT to provide for the imposition of restrictions on the transfer or other disposal of the assets

of certain persons in prescribed circumstances and for related matters.

1. Restriction on transfer

The Minister responsible for Finance may, by, legislative instruments, impose restrictions on the

transfer or any other disposal of the assets generally or any particular assets specified in the instrument of

a person in all or any of the following circumstances:

(a) where a Commission or Committee of Inquiry is conducting an investigation into the

activities or assets of that person,

(b) where that person or the personal representative of that person has been required under the

Financial Administration Act, 2003 (Act 654) to pay money to the Government or to account

to the Government for any money or apply a public money for a particular purpose and has

not so applied it,

(c) where that person is being prosecuted or is being investigated for an offence involving

misappropriation or dissipation of public funds,

(d) where that person is being sued by the Government for the recovery of public funds, and

(e) where the Cabinet is satisfied in respect of that person that it is in the public interest so to do.

(2) A restriction under paragraph (e) of subsection (1) shall not be imposed for a period of more than

three months in the first instance subject to renewal for further periods of three months in each instance.

2. Bank accounts

In the case of an account kept with a banker or a security or thing deposited with or a document

relating the security or thing kept with a banker by a person to whom all or any of the provisions of

paragraphs (a), (b), (c), (d) and (e) of section 1 apply, the Minister may, without prejudice to the general

effect of the section 1, impose restrictions on

(a) the withdrawal of money from that account by a person or the obtaining of the security, thing

or document by a person from the banker,

(b) the payment out of the bank account by the banker of money or the delivery to a person of

that security, thing or document.

3. Penalty for contravention

A person who contravenes any of the provisions of this Act or the terms imposed in legislative

instrument pursuant to this Act commits an offence and is liable on conviction to a fine not exceeding

seven hundred and fifty penalty units or to a term of imprisonment not exceeding three years or both the

fine and the imprisonment and to a fine not exceeding twenty-five penalty units for each day during

which the offence continues.

4. Information by bankers

(1) A banker requested in writing by the Minister so to do shall give the information which to the

knowledge of, or in possession of that person concerning a bank account to which section 2 relates or a

security, thing or document referred to in that section.

(2) A person, including a banker, shall give an information in the knowledge or possession of that

person the concerning the activities, assets, moneys or public funds referred to in paragraphs (a), (b), (c),

or (d) of section 1 which may reasonably be requested from that person in writing by the Minister for any

of the purposes referred to in those paragraphs.

(3) A person who

(a) without reasonable excuse the proof of which lies on that person, fails to comply with a

request made by the Minister under this section, or

(b) gives in response to the request an information which that person knows to be false or which

that person does not believe to be true,

commits an offence and is liable on summary conviction to a fine not exceeding two hundred and fifty

penalty units or to a term of imprisonment not exceeding one year or to both the fine and the

imprisonment, and to a further fine not exceeding ten penalty units for each day during which the offence

continues.

5. Offences

(1) Where an offence under section 4 is committed by a body of persons,

(a) in the case of a body corporate other than a partnership, every director and officer of that

body shall be deemed to have committed that offence,

(b) in the case of a partnership, every partner shall be deemed to have committed that offence.

(2) A person shall not be convicted of an offence by virtue of subsection (1) if it is proved that the

offence was committed, without the consent or connivance of that person, by another person and that due

diligence was exercised to prevent the commission of the offence having regard to the circumstances.

6. Further restrictions

A restriction may be imposed in respect of a person to whom any of the circumstances set out in

section 1 applies whether it first applied before or after the commencement of this Act.

Endnotes

1 (Popup - Footnote)

1. The Act was assented to on 7th April, 1970.