Owners of collapsed financial institutions may face up to over 5 years in jail for money laundering, financial Consultant and Lecturer at the Ghana Banking College, Nana Dr Richmond Attuahene has said.

According to Dr Attuahene, who is also Lecturer at the Ghana Banking College, money laundering in Ghana is a serious offence and its documents alone may take you up to 3 weeks to read.

Speaking on Okay FM’s 'Ade Akye Abia' program, he explained that the law on money laundering is very explicit and self-explanatory so anybody who falls within the law will be punished severely.

Though he did not explain into detail the fate of the prosecuted owners of UT and Beige banks, he noted that they may face up to five years or more in jail if they are found guilty.

He says when it comes to money laundering, a lot of Ghanaians may be found guilty if the law is applied properly because any money or property acquired without working for it can be termed as money laundering.

"But the law is not really applied until you are caught for the offence of money laundering," he added.

Prince Kofi Amoabeng and Michael Nyinaku, the founders of two collapsed banks, have been charged for alleged money laundering and stealing.

Prince Kofi Amoabeng, the Founder of the defunct UT Bank, is accused of stealing about GH¢51.3 million and $8.6 million, while Nyinaku, the Founder of the defunct BEIGE Bank, is accused of stealing more than GH¢340 million.

The two appeared before the Accra Circuit Court on charges of stealing, contrary to Section 124 (1) of the Criminal Offences Act, 1960 (Act 29), and money laundering, contrary to Section 1(1) of the Anti-Money Laundering Act, 2008 (Act 749).

They pleaded not guilty to both charges levelled against them.