Transparency and integrity are required in obtaining proceeds from crime

Attorney General and Minister of Justice Godfred Yeboah Dame has called on the world's leading actors in the fight against cross-border economic and financial crime to intensify their cooperation to put a stop to this growing global phenomenon.

Speaking at the event, which brings together leading figures in the fight against economic crime from around the world, Dame called on key global players in the fight against cross-border economic and financial crime to intensify their cooperation to put a stop to this growing global phenomenon.

Given global trends pointing to an increase in organised financial and economic crime, Godfred Dame pointed out that the ultimate goal of law enforcement is to identify and trace the assets acquired by criminals through illegal activities.

He said the survival of the international community depends on its effectiveness in promoting cooperation among its justice partners to combat the threat and disrupt criminals' sources of income.

These remarks were made by Godfred Yeboah Dame in his keynote address on the topic of “Suspicious Assets” at the 41st Cambridge International Symposium on Economic Crime at Jesus College, University of Cambridge in the United Kingdom (UK), on Monday, 2 September 2024.

The Attorney General noted: “Although asset tracking is largely international and involves multiple jurisdictions, we must take into account the specificities of asset tracking and the fight against economic crime in general in the context of specific continents and regions.”

Commenting on Africa's experience with regional integration, Dame said: “It presents an additional challenge to efforts to curb the illicit transfer of funds and the concealment of assets.”

“In Africa, while the launch of the African Continental Free Trade Area (AfCTA) represents Africa’s greatest opportunity to showcase its potential and the entrepreneurial spirit of its people to the world, it has also raised a number of new issues of concern to law enforcement agencies.

“These include migration issues, dealing with the phenomenon of corruption within the African Continental Free Trade Area, money laundering and environmental problems. The need to strengthen international cooperation in the fight against financial and economic crime cannot be overemphasized,” said Godfred Dame.

He added: “Many African countries are signatories to international conventions such as the United Nations Convention against Corruption (UNCAC) and the African Union Convention on Preventing and Combating Corruption. These agreements must be used to facilitate cross-border cooperation on asset recovery.”

“Our survival as a global community depends on the effectiveness of our cooperation. The world can only develop an adequate response to the dangers of economic crime through coordinated efforts based on mutual cooperation between law enforcement partners and the private sector worldwide.

“As I have said, criminals exploit differences between countries to achieve their goals, enrich their organizations, expand their network and avoid detection or capture. They gain influence in government, politics and trade through corrupt and illicit means. I therefore see this summit as key to strengthening global cooperation between the countries from which assets have been stolen and the countries where these assets are hidden.

“Law enforcement agencies on both sides must work to ensure that illegal funds flow back to the countries from which they originate. There must be free international data exchange to combat cross-border economic crime.”

Recovery of illicitly acquired assets

Regarding the theme of the symposium, the Prosecutor General said that when considering the conference theme, the importance of the forum as a solid platform for strengthening global cooperation between key players in the fight against economic crime in rich and poor, developed and underdeveloped countries, as well as investors and recipients of foreign direct investment comes to the fore.

“The motive for financial and economic crime is often the acquisition of ill-gotten wealth and securing unjustified advantages. Effectively tracing the assets of suspects and seizing the proceeds of crime therefore nips the motive for such crimes in the bud.

“Asset tracking is therefore, in my view, the ultimate goal in dealing with economic and financial crimes. Apart from the fact that it is simply irresponsible for perpetrators of economic crimes to conceal or keep the fruits of their crimes, this phenomenon in relatively less developed countries like Ghana breeds distrust in the system and denies the country much-needed revenue for the implementation of sophisticated development projects,” noted Godfred Dame.

He further stated: “The effort to recover assets obtained through criminal activities enables law enforcement agencies to contribute to the public coffers, as success in this regard makes them an important source of revenue.”

Abuse of agreements in criminal proceedings

According to the Attorney General, the agreement on guilty pleas as a means of combating financial and economic crime is a welcome development. However, Mr Dame warned that it is an unwelcome paradox when prosecutors “pursue the sole objective of recovering alleged proceeds of crime while the accused simply refuse to admit responsibility for committing those crimes, and this runs counter to the very rationale for the existence of criminal laws.”

“Prosecutors risk sacrificing their reputation and creating the false impression that they have compromised their professional integrity and their duty to prove that a crime has been committed in order to earn money for the state or to protect defendants from prosecution. A delicate balance must therefore be struck.

“In my respectful opinion, an agreement on the admission of guilt should therefore be based, as far as possible, on a clear recognition of responsibility for the commission of crimes, in particular financial and economic crimes that directly affect the use of the public treasury,” the Attorney General explained.

“Only if the commission of an economic offence cannot be proven or the need for a trial prevails due to more compelling reasons, can an agreement or DPA be concluded that is not based on an admission of guilt,” he added.

Domestic mechanisms

On Ghana's domestic efforts to combat economic and financial crimes and recover suspected assets, the Attorney General noted that three laws are in force: the Economic and Organized Crime Bureau Act of 2011 (Act 804), the Office of the Special Prosecutor Act of 2017 (Act 959) and the new Companies Act of 2019 (Act 992). These laws would help track and recover the assets of criminals while increasing transparency.

“Three mechanisms laid down in sections 24, 25 and 29 of the EOCO Act make Ghana’s Economic and Organised Crime Bureau a key institution for the recovery of proceeds of crime in Ghana. These are the EOCO’s search and seizure powers, the power to trace property and the mandate to investigate tax fraud and prosecute it on behalf of the Attorney General. The EOCO’s property tracking mandate, while undoubtedly useful in identifying and discovering illegal property, requires collaboration with other state institutions and other foreign or international agencies.

“Five mechanisms set out in the OSP Act fully equip the OSP to perform a core function, namely the confiscation of proceeds of crime. These are the Office's search and seizure powers, the power to confiscate property pursuant to a court order, the power to apply to the court for payment of a fine for property that cannot be the subject of a seizure order, the power to apply to the court for disclosure of the identity of persons and companies holding illegally acquired property on behalf of others, and the power to trace property.

“Due to a number of measures introduced by the Ghana Companies Act to ensure prompt verification of information submitted by companies to the Companies Registry, as well as provisions regulating access to information contained in the Registry and the introduction of a beneficial ownership declaration, the Companies Registry has become a trusted partner of the Government in its efforts to eradicate corruption.

“The beneficial ownership disclosure requirement and verification processes provide strong protection against money laundering and corruption in general and ultimately increase investor confidence in the Ghanaian economy. The phenomenon of the creation of shell companies and opaque financial systems that provide opportunities for money laundering and concealment of ill-gotten wealth will be drastically reduced by the passage of the Companies Act in 2019,” Dame added.