Are you doing a transaction in Ghana with a local business entity? Whether it is an arms-length trade transaction or a one on-one-transaction, the importance of background due diligence checks cannot be overemphasized.
More than a third of organizations have experienced economic crime in the past 24 months, as reported by over 6,000 respondents to PwC’s Global Economic Crime Survey 2016. Sadly, most corporate fraud is detected only by accident. Therefore, it is imperative to invest in external agencies to undertake background due diligence checks, vendor verification, one of the major leaks in revenue loss.
Today, more than ever before, a passive approach to detecting and preventing economic crime is a recipe for disaster. There appears to be a widespread lack of confidence in local law enforcement and hence the burden of preventing, protecting and responding to economic crime rests firmly with organizations themselves.
What’s more, one in five organizations (22%) have not carried out a single fraud risk assessment in the last 24 months. In fact, findings indicate that one in ten economic crimes are discovered by accident.
Source: Global Economic Crime Survey 2016 by PwC
In Ghana the story is no different; recent news feeds and research reports indicate that the rate of document fraud and falsification is on the ascendancy. Tax clearance certificates, driver’s license, SSNIT clearance, academic qualification certificates, company’s registration certificates and company profiles are being doctored.
See the stories below;