The Attorney General and Minister of Justice, Godfred Yeboah Dame, has called on international actors involved in the fight against cross-border economic and financial crimes to strengthen their cooperative efforts to combat this growing global issue.
Highlighting the pressing need for collaboration, Dame emphasized that the survival of the global community increasingly depends on the ability of justice partners to work together effectively against these complex crimes.
Godfred Dame delivered this urgent appeal while presenting a keynote address at the 41st Cambridge International Symposium on Economic Crime held at Jesus College, University of Cambridge in the United Kingdom. The symposium brought together leading figures from around the world to discuss strategies and frameworks to tackle financial crime, which has become a significant challenge in today’s interconnected global economy.
In his address, Godfred Dame underscored the importance of robust cooperation among nations to counter the rising threat of financial crimes. He pointed out that criminals operating across borders often exploit gaps in international cooperation, and only through joint efforts can these gaps be effectively closed. “The survival of the global community is dependent on how effectively it can foster collaboration between its justice partners to combat global crime,” Dame stated.
Dame noted that financial crimes are not limited by geography; they transcend borders and can have devastating impacts on economies, communities, and the rule of law. He stressed that for nations to protect their financial systems and citizens, there must be an unwavering commitment to building stronger partnerships and sharing intelligence and resources.
“Considering the motives and modus operandi of the perpetrators of financial crime, far-reaching institutional reform in the form of the building of a strong legal framework has been deliberately undertaken by the Republic of Ghana to trace the assets of criminals and ensure that wrongdoers do not profit from the crimes they commit,” Dame explained.
He highlighted the significant steps Ghana has taken in recent years to enhance its legal and institutional capabilities in fighting economic and financial crimes. One key measure mentioned was the establishment of the Economic and Organised Crimes Office (EOCO) under the Economic and Organised Crimes Office Act of 2011. EOCO serves as a specialized agency dedicated to preventing and detecting organized crime and facilitating the confiscation of the proceeds of such crimes.
“I refer to the Economic and Organised Crimes Office Act of 2011, which was passed to establish the Economic and Organised Crimes Office (EOCO) as an agency to prevent and detect organized crime as well as to facilitate the confiscation of the proceeds of crime,” Dame noted. This legislation represents Ghana’s commitment to strengthening its capacity to track and recover assets obtained illegally, making it more difficult for criminals to enjoy the fruits of their illicit activities.
Dame emphasized that Ghana’s experience could serve as a model for other nations, particularly those in the developing world that are often disproportionately affected by financial crimes. He encouraged other countries to adopt similar reforms and to work closely with international partners to build a more coordinated and comprehensive response to these crimes.
The Attorney General also addressed the need for continuous improvement in international legal frameworks and mechanisms that support cross-border cooperation. He pointed out that while there have been successes in apprehending and prosecuting financial criminals, many challenges remain, particularly in harmonizing laws, improving mutual legal assistance, and enhancing the exchange of information between jurisdictions.
He called for greater alignment of national laws with international standards to ensure that financial crime perpetrators have fewer opportunities to exploit differences in legal systems. “A stronger global legal framework is essential to trace the assets of criminals effectively and to ensure that they cannot evade justice by moving across borders,” Dame argued.
Furthermore, Dame urged the international community to provide support to countries that may lack the resources or expertise to combat financial crimes effectively. He noted that financial crimes are often complex and require specialized skills and knowledge, which some nations may not possess. “By working together, sharing expertise, and providing mutual assistance, we can strengthen the global response to these crimes,” he said.
The call for enhanced cooperation comes at a time when financial crimes, including money laundering, tax evasion, and corruption, have become more sophisticated and widespread. Advances in technology and the globalization of financial systems have made it easier for criminals to move money across borders undetected, complicating efforts by individual nations to tackle these issues independently.
Godfred Dame’s speech at the Cambridge Symposium was well-received by attendees, who echoed the need for stronger partnerships and more comprehensive strategies to combat economic crime. As the discussions concluded, there was a consensus that the global fight against financial crime requires a collective effort, with countries working together to close loopholes, share information, and hold perpetrators accountable.
In conclusion, the Attorney General’s call to action highlights the urgent need for countries to step up their efforts in collaborating against financial crimes. By building stronger alliances, enhancing legal frameworks, and providing mutual support, the global community can better protect itself against the threat of cross-border economic and financial crimes. The path forward is clear: it requires a unified, coordinated approach to safeguard the integrity of the global financial system and ensure that justice is served.
