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Liberia: Organization to Check Fraud in Financial System Set Up
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The Inquirer (Monrovia)
10 March 2008
Posted to the web 10 March 2008
An organization that would be the gateway to economic crime investigation and prevention, the Corporate Governance and Forensic Solutions (CGFS) has been launched in Monrovia.
CGFS is a member firm of VOSCON International Services have developed a well connected network of operations and knitted resources to serve Liberia in the anti-fraud field.
Delivering the keynote address at the launching of the CGFS, President Ellen Johnson Sirleaf said the organization would make a major contribution to government's fight against corruption.
She stressed the need for transparency and accountability in the Liberian society, saying "corruption is a major obstacle to sustain economic growth, poverty reduction and social development."
President Sirleaf said it impedes the rule of law, weakens the social fabric of society and undermines the institutional foundation on which economic growth depends.
The Liberian leader admitted that corruption is in government and the private sectors of the country. She pledged her administration's willingness to fight corruption by supporting the CGFS saying, "as we leave here, you already have two jobs to execute."
Speaking earlier at the launching ceremony held last Saturday, Mr. Theo Dekonty Joseph, founder and chief executive officer (CEO) of the Corporate Governance and Forensic Solutions said, "after careful study of current development in corporate governance issues, arising out of fraudulent practices, we find it prudent to provide anti-fraud service to the Liberian market and West Africa at large with high quality, thoughtful, proactive and preventive solutions for current and potential clients."
He said if public and private sectors as well as official work with the high degree of integrity, fraud and abuse will be non-existence.
Mr. Joseph said, "economic crimes have increased drastically in recent years, by funding or taking funds from banks or companies, public servants accepting kick-backs for favors rendered, taking other people's money by fraudulent means by 'con artists,' the selling of illegal drugs and money laundering, under-ground terrorists financial operations, are among many economic crimes that brought about this particular field of occupation."
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Mr. Joseph, one of Liberia's renowned certified public accountants said, "VOSCON, having invested time and research, has mapped up the area of service which clearly shows our strength and we have decided to break out from the traditional role of accounting to global fraud prevention full time."
He said the accounting profession has changed from examination for irregularity to examination for fraud.
Mr. Joseph, who is also a certified forensic expert, said like all other disciplines and professions, fraud examination and Forensic Accounting stands at the threshold of recognition in our local universities as a discipline wanting at least a certificate status.
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