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.\u00a0<\/p>\n He called on law enforcement agencies to work assiduously to combat corruption, fraud, money laundering, and drug trafficking.<\/p>\n Mr. Duah explained the afore-mentioned were having negative influence on African economies.<\/p>\n 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, \u201cThere 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.”<\/p>\n 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.<\/p>\n \u201cAsset recovery is the legal process of identifying, freezing, confiscating, and repurposing assets obtained through unlawful activities,\u201d he stated.<\/p>\n \u00a0The Asset Recovery Inter-Agency Network for West Africa is a group of agencies focused on working together to crack down on illicit financial flows.<\/p>\n The agencies involved include enforcement agencies, asset recovery agencies, state prosecutors, and other stakeholders from West Africa.<\/p>\n 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.<\/p>\n SA\/OGB<\/p>\n Watch the latest edition of BizHeadlines below:<\/b><\/p>\n![\"File](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/504\/50406294.295.jpg\" "\\"File")
File photo of a man offering bribe to another<\/span><\/span><\/p>\n<\/div>\n