Accra: Professor Abdallah Ali-Nakyea, a tax expert, has advocated for the prosecution of financial institutions involved in the receipt and transfer of corrupt proceeds without tracing the sources of such funds. The Associate Professor of Tax Law and Policy at the University of Ghana School of Law emphasized that prosecuting these banks, alongside corrupt public officials and private individuals and businesses, would deter the use of banks as channels for hiding stolen money.
According to Ghana News Agency, Prof Ali-Nakyea voiced these concerns during a keynote address at a multistakeholder forum on corruption organized by the Media Foundation for West Africa (MFWA) in Accra. The forum, themed 'Hidden riches, hollow laws: Dissecting the loopholes that fuel corruption in Ghana,' addressed the private sector's role, including banks, as enablers of corruption through procurement, kickbacks, and lack of operational transparency.
Prof Ali-Nakyea suggested that businesses involved in corrupt practices should be blacklisted from government engagements to encourage ethical conduct that benefits national interests. He urged financial institutions to focus on the red flags associated with politically exposed persons and called for stringent monitoring and adherence to anti-money laundering laws.
"The fight against corruption requires a holistic effort from all agencies involved," he stated. "The government, anti-corruption agencies, and the judiciary must collaborate to ensure that corruption and related offenses are adequately punished, following the recovery of involved sums and assets."
An assessment by the Ghana Anti-Corruption Coalition indicates that Ghana loses approximately three billion US dollars annually to corruption, depriving the nation of essential development resources. The International Monetary Fund (IMF) notes that corruption reduces a country's GDP by at least 0.5 percent, a concern echoed by the World Bank, which highlighted that such practices enrich the corrupt and deny future generations.
Dr. Kojo Impraim, Programme Director at MFWA, stressed the civic responsibility bestowed on Ghanaians in combating corruption and illicit financial flows as a central pillar of a thriving democracy. He called for a quadrupled effort in combating these issues to secure a democratic government.
Mr. Micheal Boadi, Fundraising Manager at Ghana Integrity Initiative, criticized Ghana's Asset Declaration regime as flawed and stressed the need for officers to declare liabilities as well. He advocated for verification and publication to improve the asset declaration regime.
Madam Lucy Abebrese, Head of Compliance at the Financial Intelligence Centre, urged the media to verify information with the Centre before publication to prevent misinformation. Additionally, Madam Sedina Gbeve, Senior Legal Officer and Prosecutor at the Economic and Organised Crime Office, appealed to the public to provide information to the Office, assuring whistle-blowers of identity protection and safety.