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Message: [QUOTE="Munyaradzi Mafaro, post: 46965, member: 636"] A tax law expert wants banks that help corrupt officials punished just like the criminals themselves. Professor Abdallah Ali-Nakyea spoke at an anti-corruption meeting Thursday where he demanded stronger action against financial institutions. The Media Foundation for West Africa hosted the event which focused on corruption problems across Ghana. Ali-Nakyea said banks often help wash dirty money through fake contracts and suspicious deals. He wants the government to work with courts and anti-corruption agencies to stop these crimes. Banks must watch transactions from politicians and other powerful people more carefully according to the professor. Financial institutions should follow anti-money laundering rules and report strange activity immediately. Companies found guilty of corruption should lose the right to bid for government contracts. Ali-Nakyea said businesses need to follow ethical practices and support efforts to fight corruption. He warned that banks have become safe places for stolen public money. Ghana loses about three billion dollars each year to corruption according to anti-corruption groups. This massive amount of money could help build schools, hospitals and roads instead of making criminals rich. The International Monetary Fund says corruption cuts economic growth and hurts entire countries. World Bank officials warn that corruption steals money from future generations. Several other speakers at the meeting called for stronger laws and better enforcement. Citizens must treat fighting corruption as their patriotic duty said Dr. Kojo Impraim from the media foundation. Officials from various government agencies urged people to report corruption and promised to protect whistleblowers. Legal experts criticized current asset reporting rules as weak and broken. The forum highlighted the need for major reforms to stop corruption networks operating throughout Ghana. [/QUOTE]

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