The Financial Intelligence Centre (FIC) has called for tangible results in the country’s fight against money laundering and terrorist financing, saying the effectiveness of the country's legal and institutional framework must be measured by actual outcomes rather than the existence of laws and institutions.
It said such outcomes should include effective investigations and prosecutions, as well as concerted efforts to identify, restrain and confiscate proceeds of crime.
The Chief Executive Officer of the FIC, Albert Kwadwo Twum Boafo, made the call in a speech read on his behalf at a two-day training programme on the adjudication of financial crimes and recovery of criminal assets in Ghana at the Law Court Complex in Accra yesterday.
The two-day training, organised by the JTI in collaboration with the FIC, is aimed at equipping judges to assess financial and digital evidence, determine criminal liability and adjudicate applications for the restraint, forfeiture and confiscation of criminal assets.
It also seeks to address the legal procedures for cross-border evidence gathering and asset recovery.
Tangible outcomes
He said financial crimes had evolved significantly, with criminal enterprises increasingly deploying sophisticated technological platforms, cross-border financial networks, virtual assets and cyber-enabled mechanisms to conceal illicit assets.
He said the developments had increased the complexity of investigations, prosecutions and asset recovery, making stronger collaboration among investigators, prosecutors and the judiciary necessary, hence, judges were often required to determine whether the evidential threshold for establishing predicate offences had been met, a responsibility that could be challenging.
Mr Boafo also said the proper interpretation of the Anti-Money Laundering Act, 2020 (Act 1044), and other relevant legislation was essential to balancing the objectives of justice with constitutional safeguards.
"The effectiveness of our anti-money laundering and countering the financing of terrorism infrastructure is not evidenced solely by the existence of multiple legislations and institutions, but by the tangible outcomes, including effective investigation, prosecution, with concurrent efforts to identify, restrain and confiscate proceeds of crime," he said.
He added that the quality of judicial decisions in money laundering, terrorist financing and asset recovery cases had far-reaching implications for the credibility of the legal system, investor confidence, national security and the country’s compliance with international standards.
Effective legal response
The Acting Director of the Judicial Training Institute (JTI), Justice Ackah-Boafo, said the increasing sophistication of financial and cyber-enabled crimes required effective legal and institutional responses.
He said such cases often involved intricate financial transactions, multiple layers of transfers and complex digital trails, which required careful examination, sound legal reasoning and thorough scrutiny of evidence.
He said judges had to establish the connection between suspected proceeds of crime and persons alleged to be involved before determining cases fairly in accordance with the law.
"While we follow the money, let the evidence lead the way and let justice determine the outcome," he said.
