Isaac Obour, a certified US-based Ghanaian fraud examiner, has warned that the recent wave of extraditions involving Ghanaian nationals suspected of romance scams, wire fraud, and money laundering poses a severe threat to the country’s international reputation.
According to him, far more needs to be done to ensure that Ghana aggressively clamps down on cyber-fraud and other related criminal activities.
He noted that while Ghana currently possesses the systems, tools, and software required to detect these illicit activities, the enforcement and utilization of these resources must be drastically improved.
The expert pointed out that Ghana’s financial systems are reasonably robust, equipped with compliance software capable of flagging high-level financial crimes.
However, Mr Obour admitted that certain officials are complicit in these syndicates due to the massive financial kickbacks they receive from suspected fraudsters.
He noted that there are glaring instances where the volume of cash inflows received by certain individuals completely contradicts their known economic activities. In such cases, he argued, the banks involved should not feel comfortable allowing these individuals to make unrestricted withdrawals.
Mr Obour strongly advised banks to execute enhanced due diligence to establish whether large foreign inflows are genuine or the proceeds of fraud.
In his view, local financial institutions must build the capacity to remain perpetually on high alert to combat financial crimes. While acknowledging that banks are trying, he insisted they could do much better.
Turning his attention to law enforcement, Mr Obour stated that while security agencies cannot be accused of complacency, their output needs to be stepped up. Specifically, he called for thorough “lifestyle audits” targeting individuals flaunting sudden, unexplainable wealth.
“We need to do more lifestyle audit into strange wealth by people. We should invite people and investigate their source of wealth, whether they are engaging in decent business, paying their taxes. This should not be done in a Rambo style, but the people should be invited and interrogated,” he stated.
He lamented that the recent high-profile extraditions have severely damaged Ghana’s image on the global stage.
“The recent extradition of Ghanaians over romance scam and wire fraud is unfortunate. It is not a good picture in the international world. It destroys our reputation in the international world. It undermines investor confidence. These levels of fraud and scam continuously erode trust and confidence in our economy. That is why some of us have stressed the need to strengthen our systems and prevent a few individuals engaging in such criminal activities. We’ve not pronounced anyone guilty, but we cannot also watch on while these few individuals destroy Ghana’s reputation.”
The Threat to Genuine Businesses
Mr Obour emphasized that millions of Ghanaians are operating legitimate businesses globally, yet their hard-earned reputations are being systematically destroyed by the actions of a few scammers.
“That is why our law enforcement must do all its best in clamping down on these scammers,” he urged during an appearance on As It Is In Ghana, a political flagship programme on Rainbow Radio 87.5FM Ghana and Rainbow Radio 92.4FM UK.
The fraud examiner reminded the public that online scams leave digital footprints that are constantly monitored by international agencies. He warned that no matter how much suspects try to hide or flaunt their wealth, they will eventually be caught and prosecuted.
He added by urging the youth to seek decent, legitimate work rather than resorting to cybercrime.
He admonished the government to create an enabling economic environment with access to sustainable jobs so the youth are not driven toward criminal means of wealth creation.
Commenting on the highly publicised case of Abu Trica, Mr Obour clarified that extradition does not automatically equal guilt, noting that a fair judicial system will afford the suspect an adequate opportunity to defend himself in court.
By: Rainbowradioonline.com/Ghana