Chief Executive Officer of Financial Intelligence Centre (FIC), Kweku Duah, has blamed African countries' underdeveloped economies on losing approximately 3.7% of their GDP each year to illicit money flows. 

He called on law enforcement agencies to work assiduously to combat corruption, fraud, money laundering, and drug trafficking.

Mr. Duah explained the afore-mentioned were having negative influence on African economies.

Speaking at the 11th Annual General Meeting (AGM) of the Asset Recovery Inter-Agency Network for West Africa (ARINWA), held in Accra, the CEO of the Financial Intelligence Centre said, “There is a need for us to come together to stop criminals in their tracks. This is important to help take the profit out of crime."

Regarding asset recovery, he directed law enforcement agents to follow the due process, which offers legal means to claim and repurpose assets that had been wrongfully secured.

“Asset recovery is the legal process of identifying, freezing, confiscating, and repurposing assets obtained through unlawful activities,” he stated.

 The Asset Recovery Inter-Agency Network for West Africa is a group of agencies focused on working together to crack down on illicit financial flows.

The agencies involved include enforcement agencies, asset recovery agencies, state prosecutors, and other stakeholders from West Africa.

The AGM, which spanned four days, included capacity-building workshops, discussions on the activities of the network, as well as the election of a new president and the selection of a host city for the 12th annual general meeting.

SA/OGB

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