The Attorney General and Minister of Justice, Godfred Yeboah Dame, has emphasized the vital role of transparency and integrity in the global battle against economic and financial crimes.
Speaking at the 41st Cambridge Economic Crime Conference at Jesus College, University of Cambridge, UK, held from September 1st to 8th, 2024, Dame highlighted the importance of collaboration and ethical practices in tracing and recovering assets gained through illegal activities.
Addressing a gathering of Attorneys-General, senior judicial officers, politicians, and prominent figures in law enforcement from across the globe, Dame underscored that the key objective in prosecuting economic crimes should be the identification and recovery of assets obtained through criminal means.
He argued that the success of global efforts to combat economic crimes depends on fostering cooperation between justice partners and ensuring that criminals do not retain the proceeds of their illicit actions.
“In my respectful view, plea bargaining should be grounded in a clear acknowledgment of guilt, especially in cases involving financial and economic crimes that impact public funds,” Dame stated.
He stressing the need for integrity in legal proceedings and cautioned against compromising professional ethics for the sake of asset recovery, warning that such actions could erode public confidence and the credibility of law enforcement agencies.
Mr Dame also discussed the challenges of tracing assets across borders, particularly in the context of Africa’s regional integration initiatives.
He noted that while the African Continental Free Trade Area (AfCFTA) presents significant economic opportunities, it also brings new challenges for law enforcement, including issues related to corruption, money laundering, and environmental crimes. These challenges, he argued, require stronger international cooperation to effectively combat financial crimes and recover stolen assets.
“Law enforcement on both sides must work together to ensure that illicit funds are returned to their rightful countries of origin. International data sharing is crucial in the fight against cross-border economic crime,” Dame emphasized.
He further advocated for greater collaboration between nations to prevent criminals from exploiting legal loopholes and differences in regulations.
Reflecting on Ghana’s domestic efforts, Dame highlighted the importance of key legislation in promoting transparency and accountability. He pointed out that laws like the Economic and Organised Crimes Office Act, 2011 (Act 804), the Office of the Special Prosecutor Act, 2017 (Act 959), and the new Companies Act, 2019 (Act 992) have equipped institutions with the tools needed to trace and recover assets while ensuring transparency in financial dealings.
“The requirement to disclose beneficial owners and the verification processes serve as a strong defense against money laundering and corruption in general, ultimately boosting investor confidence in Ghana’s economy,” Dame remarked, emphasizing the significance of these measures in fostering ethical business practices and reducing opportunities for financial crime.
In conclusion, Dame reiterated that the driving force behind economic and financial crimes is often the pursuit of illicit wealth. By effectively tracing and recovering these assets, law enforcement agencies can disrupt criminal activities and make significant contributions to national development. He called for continued vigilance and ethical conduct in the global fight against economic crimes, asserting that transparency and integrity are crucial to ensuring justice and safeguarding the public interest.