The UPSA Faculty of Accounting and Finance has organised a two-day strategic seminar aimed at equipping students with a deeper understanding of the intricate issues of financial crime.
The event brought together members of academia, stakeholders, students, and experts from the Ministry of National Security, the Financial Intelligence Centre, and the German Development Agency (GIZ).
The Head of Compliance at the Financial Intelligence Centre, Ms. Lucy Abebrese, expressed her frustrations at the alarming prevalence of financial crimes globally and their potential impact on society.
She observed that financial crimes such as money laundering and terrorism financing were gaining “notorious prominence” in the West African sub-region, a development she described as “disturbing.”
She stressed that it is imperative that proactive steps, including robust systems and structures are put in place to curb the menace.
“Criminals are using creative ways to clean their illegally acquired funds,” Ms. Abebrese disclosed as she provided an overview of money laundering techniques, terrorist financing networks, cybercrimes, and fraud prevention strategies.
“Let us bear in mind that our individual and collective actions and inactions could help facilitate the commission of the offence of money laundering and terrorism financing.”
Keynote speaker and Chief Director at the Ministry of National Security, Ambassador Sena Siaw Boateng, underscored the significance of collaboration between institutions, law enforcement agencies, and individuals in mitigating the risks associated with such illicit activities.
“This is not just about regulations and enforcement,” Ambassador Boateng said. “It is about building a global village where dirty money has nowhere to hide. It’s about safeguarding our communities, our economies, and our future.”
She detailed the government’s efforts in combating financial crimes while enlightening students on the existing legal framework, regulatory measures, and the role of law enforcement agencies.
“Let this forum be the springboard for action. Let us join hands and be the architects of a world where criminals find no haven and terrorists find no financing,” she said.
Dean of the Faculty of Accounting and Finance (FAF), Professor Isaac Boadi emphasised the importance of understanding and combating financial crimes, stressing that financial crime poses serious threats to businesses and countries around the world.
He said the seminar aimed to bridge the knowledge gap among students and provide them with the necessary skills to detect, report, and combat financial crimes effectively.
“To effectively combat these crimes, all of us need to adopt a comprehensive approach to doing this,” Prof Boadi said.
“And today, we are here to equip our students, faculty, and individuals with knowledge and skills that will enable us to curb this disturbing phenomenon as a country and beyond our borders.”
Prof Boadi disclosed that the faculty intends to continue hosting such informative seminars and workshops to equip students for the ever-evolving challenges in the field of accounting and finance.
The inaugural strategic seminar series on financial crime was held under the theme “Anti-money laundering and countering terrorism financing: the role of stakeholders.”
